Scientists revisit Solomon Asch’s classic conformity experiments—and are stunned by the results — Eric W. Dolan

This article is not about MMT as such or even economics, but rather social psychology. It may explain to some degree both opposition to MMT in the face of evidence and also the appeal of monetarism in the face not only of evidence but also fiancial losses sustained from trading on monetarist assumptions. It is also of interest to contrarianism.

TL/DNR version:

The study’s findings were striking in their similarity to [Soloman] Asch’s original results. In the non-incentivized group, the average error rate in the line judgment task was 33%, closely mirroring Asch’s findings. However, in the incentivized group, the error rate dropped to 25%. This suggests that while financial rewards can reduce the impact of group pressure, they do not eliminate it.

“When we started the study, we could not imagine to be able to replicate the original findings as close as it turned out,” Franzen and Mader told PsyPost. “We thought Asch’s findings were overstated. We also believed that providing incentives for correct answers would wipe out the conformity effect. Both did not happen. The replication turned out to be very close to the original results and providing monetary incentives did not eliminate the effect of social pressure.”

The conclusion is also of interest to contrarianism.

Regarding what people should take away from the findings, the researchers remarked: “Here we like to cite Mark Twain, ‘Whenever you find yourself on the side of the majority, it is time to pause and reflect.'” 

PsyPost
Scientists revisit Solomon Asch’s classic conformity experiments — and are stunned by the results
Eric W. Dolan