The Truthiness Hurts

27 Pages Posted: 27 Jun 2008  

Art Carden

Brock School of Business, Samford University

Mike Hammock

Middle Tennessee State University - Department of Economics and Finance

Multiple version iconThere are 2 versions of this paper

Date Written: June 25, 2008

Abstract

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.

Keywords: Rational Irrationality, Environmental Economics, Public Choice

JEL Classification: A1, H8, Q5

Suggested Citation

Carden, Art and Hammock, Mike, The Truthiness Hurts (June 25, 2008). Available at SSRN: https://ssrn.com/abstract=1151411 or http://dx.doi.org/10.2139/ssrn.1151411

Art Carden (Contact Author)

Brock School of Business, Samford University ( email )

800 Lakeshore Drive
Birmingham, AL 35229
United States

HOME PAGE: http://www.artcarden.com

Mike Hammock

Middle Tennessee State University - Department of Economics and Finance ( email )

Murfreesboro, TN 37132
United States

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