by Dr. Jeffrey Lewis
Silver Coin Investor
Inflation is alive and well – despite what we hear from the mainstream. Due to pluralistic ignorance, it persists much longer than anyone would have ever predicted.
From Wikipedia:
Pluralistic ignorance
“In social psychology, pluralistic ignorance is a situation in which a majority of group members privately reject a norm, but incorrectly assume that most others accept it, and therefore go along with it.[1] This is also described as ‘no one believes, but everyone thinks that everyone believes’.”
In short, pluralistic ignorance is a bias about a social group, held by a social group.
An article written by Martin Gansberg for the March 27, 1963 issue of The New York Times highlights an absurd case of a woman’s (Kitty Genovese) brutal murder. During this crime, 38 of her neighbors were able to hear her screams and retell the incident. Yet nobody went to help her and only a few actually called the police. Pluralistic Ignorance can be attributed to this case due to the fact that many heard her screams for help and knew she was dying yet nobody did anything to help. Everyone similarly assumed someone else would help and that it was not their place to get involved. No witnesses came forward until after the body was pronounced dead and carried from the crime scene.
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