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There are two sources of error: Either you lack sufficient data, or you fail to take advantage of the data that you have.
Bryan Caplan
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Bryan Caplan
Age: 53
Born: 1971
Born: April 8
Economist
University Teacher
Northridge
California
Bryan Douglas Caplan
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Failing
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Two
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More quotes by Bryan Caplan
Sociotropic voters with biased economic beliefs are more likely to produce severe political failures than are selfish voters with rational expectations.
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There is a small minority of well-educated people with relatively sensible views on economics, and an extremely tiny minority of economists with highly sensible views. Then there's everybody else. ... To win, a politician needs to please the median voter. It makes little difference if a few thousand economists think you a fool.
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Let us designate anarchism1 anarchism as you define it. Let us desiginate anarchism2 anarchism as I and the American Heritage College Dictionary define it.
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In daily life, reality gives us material incentives to restrain our irrationality. But what incentive do we have to think rationally about politics?
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The best social insurance is to make more progress, not to make more work
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The use of force is easy to rationalize in terms of basic economics. 'We should make them PAY for what they've done!' It's just the law of demand: raise the price of crossing us, and fewer people will cross us. Make the price another Hiroshima, and perhaps the quantity demanded will fall to zero.
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In a modern democracy, not only can a libertarian be elitist a libertarian has to be elitist. To be a libertarian in a modern democracy is to say that nearly 300 million Americans are wrong, and a handful of nay-sayers are right.
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