TeeJaw Blog

The Left Flunks Econ 101

Posted in Economic Theory by TeeJaw on Tuesday, June 8, 2010, 10: 57 AM

Dan Klein in today’s Wall Street Journal:

Are You smarter Than a Fifth Grader? Self-identified liberals and Democrats do badly on questions of basic economics.

Among the unenlightened economic notions embraced by lefties:

  • Restrictions on housing development do not make housing less affordable.
  • Mandatory licensing of professional services do not increase the prices of those services.
  • Overall, the standard of living is not higher today than it was 30 years ago.
  • Rent control does not lead to housing shortages.
  • A company with the largest market share is a monopoly.
  • Third World workers working for American companies overseas are being exploited.
  • Free trade leads to unemployment.
  • Minimum wage laws do not raise unemployment.

Someone can be unsure about any of those things and still be a conservative or libertarian. But if someone mostly agrees or somewhat agrees, they may either already be a left-wing nut or well on their way.

Help is available. For anyone who fears they are afflicted with left-wing ideology these two books are the cure:

Basic Economics

Economic Facts and Fallacies

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