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What Makes People Think Like Economists? Evidence on Economic Cognition from the "Survey of Americans and Economists on the Economy."

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Author Info
Caplan, Bryan

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Abstract

The positive economic beliefs of economists and the general public systematically differ. What factors make noneconomists think more like economists? Using the "Survey of Americans and Economists on the Economy," this paper shows people think more like economists (1) if they are well educated, (2) if they are male, (3) if their real income rose over the last 5 years, (4) if they expect their real income to rise over the next 5 years, or (5) if they have a high degree of job security. However, neither high income nor ideological conservatism have this effect. My findings for education, gender, and income have close parallels in political science: on tests of objective political knowledge, the better educated and males score higher, controlling for numerous other variables, and the independent effect of income is minor. Copyright 2001 by the University of Chicago.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Law & Economics.

Volume (Year): 44 (2001)
Issue (Month): 2 (October)
Pages: 395-426
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Handle: RePEc:ucp:jlawec:v:44:y:2001:i:2:p:395-426

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  1. Michael Roos, 2007. "Nonexpert beliefs about the macroeconomic consequences of economic and noneconomic events," Public Choice, Springer, vol. 132(3), pages 291-304, September. [Downloadable!] (restricted)
  2. SALMON, Pierre, 2002. "Science économique et sens commun : trois thèses sur leurs relations réciproques," LEG - Document de travail - Economie 2003-02, LEG, Laboratoire d'Economie et de Gestion, CNRS UMR 5118, Université de Bourgogne, revised Jan 2003. [Downloadable!]
  3. Svensson, Mikael, 2006. "The Value of a Statistical Life in Sweden Estimates from Two Studies using the "Certainty Approach" Calibration," Working Papers 2006:6, Örebro University, Swedish Business School, revised 25 Jul 2007. [Downloadable!]
  4. Klein, Daniel B. & Stern, Charlotta, 2005. "Narrow-Tent Democrats and Fringe Others: The Policy Views of Social Science Professors," Working Paper Series 8/2005, Swedish Institute for Social Research. [Downloadable!]
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