The Myth of the Rational Voter

The Myth of the Rational Voter

Why Democracies Choose Bad Policies

Book - 2007
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"Caplan argues that voters continually elect politicians who either share their biases or else pretend to, resulting in bad policies winning again and again by popular demand. Calling into question our most basic assumptions about American politics, Caplan contends that democracy fails precisely because it does what voters want. Through an analysis of American's voting behavior and opinions on a range of economic issues, he makes the case that noneconomists suffer from four prevailing biases: they underestimate the wisdom of the market mechanism, distrust foreigners, undervalue the benefits of conserving labor, and pessimistically believe the economy is going from bad to worse. Caplan lays out several ways to make democratic government work better.
Publisher: Princeton : Princeton University Press, c2007
Description: x, 276 p. : ill. ; 24 cm
ISBN: 9780691129426
0691129428
Branch Call Number: 320.6 Cap

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Hadley
Oct 31, 2008

This is a book about economics, not sociology; its premise is that most voters' misunderstanding of basic economics ensures they vote for politicians who either share their biases or claim to when it's politically expedient.

Caplan is at his best when he's trying to explain the balancing act a politician needs to perform when trying to implement a policy that is likely to have positive economic results (and improve his or her chance of re-election) but is unpopular with voters. Referencing Machiavelli, he also shows when a politician can safely ignore the wishes of the electorate.

At his worst, Caplan's writing is jargon-filled and opaque, his arguments incomprehensible. He's big on theory, but rarely offers practical examples to illustrate his ideas. Far too much of this book is spent defending economists against charges of bias instead of supporting his arguments. Caplan seems to think (and says so half a dozen times) that most of the world's problems would be solved if everyone just had a PhD in economics. As a result, he comes across as a condescending pedant with an axe to grind.

An intriguing premise, but a book that ultimately seems aimed at fellow economists, not the general public, and therefore a disappointment.

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