The Truthiness Hurts
affiliation not provided to SSRN
Middle Tennessee State University - Department of Economics and Finance
June 25, 2008
This essay summarizes and applies some of the key insights in Bryan Caplan's The Myth of the Rational Voter. We discuss the relevance of cheap signals in increasingly-complex political systems as well as the relevance of ideas in public policy with "rationally irrational" voters. We also add a fifth bias, "stick-it-to-the-man bias," to Caplan's proposed anti-market, anti-foreign, make-work, and pessimistic biases. We apply these biases to current debates in environmental policy. Combined, these biases give us cause to be skeptical of attempts to correct market failures through the political system.
Number of Pages in PDF File: 27
Keywords: Rational Irrationality, Environmental Economics, Public Choice
JEL Classification: A1, H8, Q5working papers series
Date posted: June 27, 2008
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