The 4 Boneheaded Biases of Stupid Voters
Almost all the “respectable” economic theories of politics begin by assuming that the typical citizen understands economics and votes accordingly—at least on average. By a “miracle of aggregation,” random errors are supposed to balance themselves out. But this works only if voters’ errors are random, not systematic. The evidence—most notably, the results of the 1996 Survey of Americans and Economists on the Economy—shows that the general public’s views on economics not only are different from those of professional economists but are less accurate, and in predictable ways. The public really ...
