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June 29, 2026Review of Behavioral Economics0 citations

Beliefs about free markets and success in life

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AMAndrés MarroquínASAntonio Saravia

Key Points

  • The research investigates how beliefs about free markets are related to perceptions of success in life.
  • Analyzed data from Wave 7 of the World Values Survey for the full sample and US sample.
  • Examined correlations between economic beliefs and perceptions of success, including additional factors such as income and education.
  • Conducted robustness checks including hierarchical models and placebo tests to ensure result stability.
  • Pro–free market individuals attribute success more to hard work rather than luck or connections.
  • Religious and spiritual beliefs positively correlate with attributing success to hard work, while trust in courts negatively correlates.
  • In the US sample, higher income correlates positively with the belief that success is due to hard work, unlike education.

Abstract

This research explores how individual economic beliefs relate to perceptions of success. The authors hypothesize that pro–free market individuals attribute success more to hard work than to luck or connections. The authors use Wave 7 of the World Values Survey and analyze both the full sample and the US sample. Results in both cases support the hypothesis. In addition, religious and spiritual beliefs correlate positively with believing that success is due to hard work. On the other hand, trust in the courts correlate negatively. For the US sample, income is positively correlated with believing that success is due to hard work, but education is not. Several robustness checks – including hierarchical models, placebo tests and sample restrictions – confirm the stability of the results.

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Cite This Study

Marroquín et al. (2026) studied this question.

synapsesocial.com/papers/6a420b08f91bb43ea919222ahttps://doi.org/10.1108/rbe-02-2025-0023
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