Wednesday, October 03, 2007

Do read this essay...

Go. Read it.
Stop talking about economics or the wisdom of crowds until you do. Period.

Reason Magazine - The 4 Boneheaded Biases of Stupid Voters
Almost all the “respectable” economic theories of politics begin by assuming that the typical citizen understands economics and votes accordingly—at least on average. By a “miracle of aggregation,” random errors are supposed to balance themselves out. But this works only if voters’ errors are random, not systematic.

The article is loosely taken from the book The Myth of the Rational Voter.

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