Self-identified liberals and Democrats do badly on questions of basic economics. | Hacker News Reader

Self-identified liberals and Democrats do badly on questions of basic economics.

online.wsj.com

However, the bias on the study is terrible, and I'd have loved to see the questions they suggested like: "It would have been good, for example, if a question had asked about negative consequences of drug prohibition, or the positive consequences of increased immigration from Mexico."

But even looking at the simple ones like "rent controls reduce housing availability" and "minimum wage laws increase unemployment" there is some unfortunately shocking naivety displayed.

On the last one, economists are less agreed on that than they used to be. Surveys used to routinely find 90%+ of economists thinking that minimum wage laws increase unemployment, but in recent surveys it's down to ~60% or so, because a few large empirical studies have failed to find any relationship. Economic theory still claims that there should be a relationship, but it seems not to actually happen in practice when minimum wages have been raised, or at least happens at small enough magnitude that it's difficult to detect.

Yes, but the principles taught in introductory and intermediate level economic courses argue for a relationship between minimum wage laws and unemployment.

To think that those surveyed have an understanding of economics that supersedes an intermediate level is kinda crazy, huh? I would venture to say that the majority of the population is far below that level.

Economics is not a science and certainly not something that can be verified experimentally. Many of the fundamental precepts of neo-classical economic theory are clearly wrong. (See, for example, Eric Beinhocker, Origin of Wealth). This "survey" is a bit like a catechism quiz, designed to separate the true believer from the heretic.

Would like to see how Tea Baggers do on questions of basic law, government, policy and economics. And I mean basic. While I'm sure many are thoughtful informed people I've been given the impression that most are not.

Genuinly curious to see how perception (mine) versus reality.

Yeah so? That still doesn't justify the information presented by this article.

It's sad that BOTH sides (in other words, a majority of the population) are ignorant when it comes to political issues. But ask those same questions about Britney Spears' latest ploy for attention.....

Original research link: http://econjwatch.org/articles/economic-enlightenment-in-rel...

Dan Rutter did a good thorough demolition job, oops, I mean objective analysis of this:

http://dansdata.blogsome.com/2010/06/15/foo/

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