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May 6, 2010

Article On Results Of Zogby Poll: The Further Left You Are the Less You Know About Economics

Topics: Political News and commentaries

Some of the results in this new article by Zeljka Buturovic and Dan Klein in Econ Journal Watch (a peer-reviewed journal of economics) are both startling and enlightening: Those identifying as "libertarian" and "very conservative" were the most knowledgeable about basic economics. Those identifying as "Progressive" and "Liberal" were the worst.

  • 67% of self-described Progressives believe that restrictions on housing development (i.e., regulations that reduce the supply of housing) do not make housing less affordable.

  • 51% believe that mandatory licensing of professionals (i.e., reducing the supply of professionals) doesn't increase the cost of professional services.

  • Perhaps most amazing, 79% of self-described Progressive believe that rent control (i.e., price controls) does not lead to housing shortages.

Todd Zywicki over at The Volokh Conspiracy calls attention to the fact that the questions here are not whether the benefits of these policies might outweigh the costs, but the basic economic effects of these policies.

Could it be that Liberal-Progressives' poor performance has something to do with the way liberals think!

Related: What Do The Economist's Bloggers Think a Free Market Is, Anyway? (Another example of liberal-progressive's ignorance of economics)

Posted by Abdul at May 6, 2010 8:50 PM

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