When a consumer has mistaken beliefs about what to buy, he foots the bill. When a voter has mistaken beliefs about government policy, the whole population picks up the tab.What is the probability of such mistaken beliefs? I would guess that even a failing student in Econ. 101 has a significant knowledge advantage over the average voter.
Monday, December 31, 2007
With hope for the new year.
Reading Bryan Caplan's new book, The Myth of the Rational Voter. Since you can not escape the campaign news about the upcoming primary events, the follow quote is a very sobering thought.