Effect of Egoism on Economic Consciousness

Abstract

Economy and morality are two basic areas of human life whose correlation remains underestimated. Russia is undergoing profound socio-economic transformations, shifting from the free market to the state capitalism. The article describes the effect of personal egoism on attitudes toward state economy, market economy, state capitalism, state regulation and state planning of the economy, economic inequality, progressive taxation, private entrepreneurship, competition, and money. The sample included 287 respondents aged 18–52 (M = 25.1; SD = 7.9; 44% male). The following research instruments were employed: Dispositional Egoism Scale (K. Muzdybaev); Questionnaire of Attitude toward State Involvement in the Economy (I. V. Nekhorosheva); Procedure for Studying Economic and Psychological Personality Traits (A. L. Zhuravlev, N. A. Zhuravleva); Subjective Economic WellBeing Questionnaire (V. A. Khaschenko); Attitude toward Competition Questionnaire (K3) (N. A. Akhadova). Respondents with a higher level of egoism demonstrated higher economic aspirations (p < 0.01), attached much more importance to money (p < 0.001), and were more favorable towards competition (p < 0.001), market economy (p < 0.001), and private capital (p < 0.01). They usually agreed with the principle that "when in business, profit is more important than morality" (p < 0.001). Respondents with a lower level of egoism preferred a planned distribution economy (p < 0.01) and state capitalism (p < 0.001). They were more concerned about the economic stratification of society (p < 0.001), less favorable to competition and competitive struggle (p < 0.001), and more negative to the so-called "Law of the Jungle" (p < 0.001). However, both groups positively assessed the impact of small businesses on the national economy and demonstrated a favorable attitude toward entrepreneurship, as well as supported progressive taxation and enhanced state economic planning.