Why the Middle Class Invests in its Future: An Empirical Test of the ‘Peace of Mind’ Narrative in Middle Income Countries. Rick Mourits & Luuk van Kempen EADI conference Bonn – June 24, 2014. . The ‘Peace of Mind’ narrative (I) .
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An Empirical Test of the ‘Peace of Mind’ Narrative
in Middle Income Countries
Luuk van Kempen
Bonn – June 24, 2014
“nothing seems more middle class than the fact of having a steady well-paying job”
(Mullainathan & Shafir, 2013; Mani, Mullainathan, Shafir & Zhao, 2013; Haushofer & Fehr, 2014)
Personal resource that absorbs the impact of negative shocks on mental health (buffer against stress)
(thoits, 1995; young 2001; lever, piñol&uralde, 2005)
Investment in Cultural Capital
Peace of Mind
Sense of control
Education on isced scale
Job skill on isco scale
Last year’s Savings
Structural Equation Modeling, also SEM, is like regression analysis:
it estimates the linear effects of independent variables on Y.
However, it can do more!
SEM tests whether a restricted model has less explanatory power than a full
model, i.e., whether certain paths (relations) are redundant.