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View Full Version : Leftist economic illiteracy demonstrated.



LWW
05-09-2010, 02:04 PM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Some of the results in this new article by Zeljka Buturovic and Dan Klein in Econ Journal Watch (a peer-reviewed journal of economics) are startling:

<span style='font-size: 14pt'>67% of self-described Progressives believe that restrictions on housing development (i.e., regulations that reduce the supply of housing) do not make housing less affordable.</span>

<span style='font-size: 17pt'> 51% believe that mandatory licensing of professionals (i.e., reducing the supply of professionals) doesn’t increase the cost of professional services.</span>

<span style='font-size: 20pt'> Perhaps most amazing, 79% of self-described Progressive believe that rent control (i.e., price controls) does not lead to housing shortages.
Note that the questions here are not whether the benefits of these policies might outweigh the costs, but the basic economic effects of these policies.</span>

<span style='font-size: 23pt'> Those identifying as “libertarian” and “very conservative” were the most knowledgeable about basic economics. Those identifying as “Progressive” and “Liberal” were the worst.</span>

It would be hard to find a set of propositions that would meet with such a degree of consensus among economists to rival these propositions–which boils down to supply restrictions raise prices and price controls create shortages. These are issues on which economic theory is exceedingly clear, well-confirmed over decades of empirical support, and with a degree of unarguable consensus among trained scholars in the field. Apparently the existence of a “consensus” among trained scholars on certain policy issues is less important on some issues than others. </div></div>

But ... I already knew that. (http://volokh.com/2010/05/06/the-further-left-you-are-the-less-you-know-about-economicsr/)

LWW

pooltchr
05-09-2010, 02:30 PM
Numbers substantiated by observing the lefties on this forum.

Steve

llotter
05-09-2010, 05:29 PM
How convenient that a bunch of righties should conclude that leftists don't understand basic economics. Everyone with even a whit of common sense understands the simple equation that shortages bring higher prices and that means everyone ends up better off without having to work at slave wages. Those damn economists won't be happy till we're all living at subsistence levels in trailer parks. Yes, give me high taxes that support the 'good life' any day over that dog-eat-dog environment those 'capitalists' want to force us all into.

pooltchr
05-09-2010, 10:04 PM
It was the left that pushed for higher minimum wages, and now it's the left that wants to put a cap on executive salaries. Obama asked the question last week, "How much money do you really need to make?" He would love to bring everyone in the country to the same "fair" level. That thought should send shivers down your back!

Steve

cushioncrawler
05-10-2010, 04:06 AM
Dubb - This sort of krappynomix iz more politix than economix.
Google voodoo, google alchemy, google The Holey Bible.
It iz all krapp.
madMac.

LWW
05-10-2010, 04:43 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: pooltchr</div><div class="ubbcode-body">It was the left that pushed for higher minimum wages

Steve </div></div>

In spite of voluminous empirical historic data showing that raising the MW kick starts higher unemployment and harms the most those they tell that it will help.

LWW