Tuesday, December 31, 2013
2013 proves revised principle of economics that "people aren't that stupid"
Yoram Bauman's stand up routine about Greg Mankiw's 10 principles of economics is worth a laugh. (I show it to my students in principles classes.)
The past few years have reminded of me of principle three, which jokingly says that "people are stupid".
Given the support for Obamacare, Obama's reelection, the continued support for higher minimum wages, and more, there is plenty of evidence to support the third revised principle of economics. I would prefer to think that "people are ignorant of economic consequences", but regardless, there is plenty of support for disastrous policies.
Thankfully, 2013 provided some evidence for point number four which says "people aren't that stupid". The plunge in support for Obamacare after seeing the consequences should give us all a bit of hope. The support for Obama himself after his lies about "keeping your doctor/plan" has also plummeted. It's now at 40%, which is one of the lowest approval ratings for any president.
If you hit people over the head with the evidence of the bad policy choices, they'll start to realize their mistakes. That's a good thing and provides evidence for translated principle number four:
People aren't that stupid.