A former managing partner at McKinsey & Company expressed this view when he advised executives to focus their attention on the “2 percent [of employees] who are really going to drive [results.]” “It’s a very small proportion of people,” he argued, “who drive a lot of value.” When pressed, he admitted his assertion had “no regression analysis or analytics behind it.” It was, in other words, an untested assumption or, to be more accurate, a prejudice.

This sort of disdain for the average employee mirrors the hauteur of eighteenth-century aristocrats—and has the same stifling effect on creativity and initiative. Stunted freedom and upside yield stunted commitment and performance.

For Galbraith, advertising served another counterintuitive purpose beyond keeping the cycle of production and consumption rolling. He thought it made people worry less about inequality because, as long as they were able to purchase new consumer products once in a while, they felt that they were upwardly mobile and so closing the gap between themselves and others.

“It has become evident to conservatives and liberals alike,” he noted drily, “that increasing aggregate output is an alternative to redistribution or even to the reduction of inequality.

Thus, while those who are very wealthy like to believe that they are worthy of the financial rewards they have accrued, many poorer people don’t want to mess with the dream that they too might achieve such riches if only they work hard enough. For them to concede that perhaps the system was stacked against them—that money had become far better at begetting more money than working long hard shifts—would be tantamount to abandoning their sense of agency and their cherished beliefs that what made their countries different was that anyone who worked hard enough could be whatever they wished to be.

That is why the influence of the middle-class ressentiment should not be underestimated. There is, of course, a substantial gap between the ivory tower and the street - but it is equally true that what happens on university campuses filters into public spaces. I mention this because research conducted in the middle of the twentieth century showed how followers of facist movements were most likely to come from the lower strata of the middle classes who, because their strivings for self-improvement were continuously blocked, were most susceptible to developing feelings of ressentiment.

Social herding presses us to think that everything is OK (or not OK) because everyone else is saying so. The inside view presses us to ignore the lessons of other times and other places, believing that our company, our nation, our new venture, or our era is different. It is important to push back against these biases. You can do this by paying attention to real-world data that refutes the echo-chamber chanting of the crowd—and by learning the lessons taught by history and by other people in other places.