Sociotropic voters with biased economic beliefs are more likely to produce severe political failures than are selfish voters with rational expectations.

There are two sources of error: Either you lack sufficient data, or you fail to take advantage of the data that you have.

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.

Worldviews are more a mental security blanket than a serious effort to understand the world

Sociotropic voters with biased economic beliefs are more likely to produce severe political failures than are selfish voters with rational expectations.

Let us designate anarchism1 anarchism as you define it. Let us desiginate anarchism2 anarchism as I and the American Heritage College Dictionary define it.

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.