Democrats and Liberals Deficient in Understanding Basic Economics

[AuH20]

http://online.wsj.com/article/SB10001424052748703561604575282190930932412.html?m od=rss_opinion_main


How did the six ideological groups do overall? Here they are, best to worst, with an average number of incorrect responses from 0 to 8: Very conservative, 1.30; Libertarian, 1.38; Conservative, 1.67; Moderate, 3.67; Liberal, 4.69; Progressive/very liberal, 5.26.

Americans in the first three categories do reasonably well. But the left has trouble squaring economic thinking with their political psychology, morals and aesthetics.

To be sure, none of the eight questions specifically challenge the political sensibilities of conservatives and libertarians. Still, not all of the eight questions are tied directly to left-wing concerns about inequality and redistribution. In particular, the questions about mandatory licensing, the standard of living, the definition of monopoly, and free trade do not specifically challenge leftist sensibilities.

[akforme]

question (2) I would have gotten wrong according to them.

"2) Overall, the standard of living is higher today than it was 30 years ago (unenlightened answer: disagree)."

Although I would probably say it is better in some regards because of technology, 30 years ago it only took one income to sustain a family, now it takes two. Is that a better standard of living? I don't think so. Plus real wages have decreased and government dependency has skyrocketed.

[Ekrub]

Good stuff.

[Travlyr]

question (2) I would have gotten wrong according to them.

"2) Overall, the standard of living is higher today than it was 30 years ago (unenlightened answer: disagree)."

Although I would probably say it is better in some regards because of technology, 30 years ago it only took one income to sustain a family, now it takes two. Is that a better standard of living? I don't think so. Plus real wages have decreased and government dependency has skyrocketed.

Thirty five years ago, a carpenter could make around $12.00/hr and houses were @ $40k for an entry level home. There were no cell phones and the best pc (Commodore 64) was 64k. Pong was the electronic game of choice. Does that qualify as a better standard of living? I dono.

[dannno]

Thirty five years ago, a carpenter could make around $12.00/hr and houses were @ $40k for an entry level home. There were no cell phones and the best pc (Commodore 64) was 64k. Pong was the electronic game of choice. Does that qualify as a better standard of living? I dono.

You're right.

This is why the liberty movement dominates, because we understand economics better than WSJ. We can find actual flaws in their test.

[Sentient Void]

Hahahah, this article was fucking awesome. Totally shared this with people on FB. I'm so sick and tired of liberals / progressives acting as if /thinking they know anything about basic economics.

It's utterly ridiculous.

[slothman]

I can't find the quiz.
Does anyone have a link?

[dannno]

I can't find the quiz.
Does anyone have a link?

They talk about it quite a bit in the article and refer to specific questions.

[Stary Hickory]

This is why the left/liberals/some social conservatives(whatever that is) are blithering idiots. They end up creating poverty, oppression, and unrest because they are arrogant and stupid at the same time.

It's one thing to be ignorant but it's another thing entirely to arrogantly assume you have the right to force this ignorance on others who know better. I cannot fault progressives for being economically retarded but I do fault them when they arrogantly try and force this madness on free living Americans.

This is why the progressive movement finds itself at war with individual freedom at every turn, their ideas do not stand up to scrutiny amongst free thinking Americans. Their solution is to wage war against freedom itself, in order to force an irrational and naive world view on other human beings.

[tnvoter]

Bahaha

[ClayTrainor]

This is why the left/liberals/some social conservatives(whatever that is) are blithering idiots. They end up creating poverty, oppression, and unrest because they are arrogant and stupid at the same time.

It's one thing to be ignorant but it's another thing entirely to arrogantly assume you have the right to force this ignorance on others who know better. I cannot fault progressives for being economically retarded but I do fault them when they arrogantly try and force this madness on free living Americans.

This is why the progressive movement finds itself at war with individual freedom at every turn, their ideas do not stand up to scrutiny amongst free thinking Americans. Their solution is to wage war against freedom itself, in order to force an irrational and naive world view on other human beings.

You just reminded me of a great Rothbard Quote. :)

"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance."

-- Murray Rothbard

[Vessol]

No surprise to me. Being a college student I see this all the time.

All my friends whom are fucking idiots when it comes to money all are liberal-leaning and love the idea of handouts. Hell, one of them is so god damn dumb the idiot actually bought a playstation 3 before he paid his power bill, I wonder how he planned to play that PS3 there.

All my friends whom are tight and in control of their finances are often libertarian minded like myself, or traditional conservatives I'm slowly converting :).

[QueenB4Liberty]

haha awesome!

[aravoth]

Wait, people that think the amount of money you borrow is the same as wealth don't have a grasp of economics?

Shocking......

[QueenB4Liberty]

Ok I was just told the questions have a "conservative leaning" to them, whatever that means. I think the only question that's even slightly debatable is the one on third world workers exploitation, as it depends on your definition of exploitation.