Aside from the human cost of discrimination, there is an economic case to be made for an open-minded acceptance of others\’ differences, analysts at UBS argue.
Prejudice – defined as a negative, generic and irrational attitude towards a specific group in society – appears to be both a symptom and a cause of economic weakness, they found after crunching data on competitiveness from the World Economic Forum and survey evidence of nations\’ attitudes.
The economic cost of prejudice arises as certain members of society are prevented from using their talents to their full, supressing innovation. That means prejudiced people effectively act as 21st century Luddites, the modern day versions of the 19th century workers who protested against the new machinery of the industrial revolution, the analysts believe.
Didn\’t Gary Becker prove this back in the 1950s?