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Did Economic Literacy Influence Macroeconomic Policy Preferences of the General Public during the Financial Crisis?

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  • Brent A. Evans

Abstract

Based on survey data including residents of all fifty states, I provide an analysis on the relationship between economic education and policy recommendations of the American public during the financial crisis. Mirroring the methodological approach set forth in Walstad (1997), I find that economic literacy was correlated with three of the six policies studied. Specifically, economic literacy is positively correlated with support for decreased taxes and a smaller government, and negatively correlated with supporting a ceiling on CEO salaries. No other personal variable, including race, gender, income or educational attainment, is found to correlate with policy preferences as frequently as economic literacy. These findings corroborate with Walstad's results, which were based upon survey data compiled 18 years prior.

Suggested Citation

  • Brent A. Evans, 2015. "Did Economic Literacy Influence Macroeconomic Policy Preferences of the General Public during the Financial Crisis?," The American Economist, Sage Publications, vol. 60(2), pages 132-141, September.
    • Handle: RePEc:sae:amerec:v:60:y:2015:i:2:p:132-141
    DOI: 10.1177/056943451506000204
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    References listed on IDEAS

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    1. Peter Temin, 2010. "The Great Recession and the Great Depression," NBER Working Papers 15645, National Bureau of Economic Research, Inc.
    2. William B. Walstad, 1997. "The Effect of Economic Knowledge on Public Opinion of Economic Issues," The Journal of Economic Education, Taylor & Francis Journals, vol. 28(3), pages 195-205, September.
    3. Roger Gordon & Gordon B. Dahl, 2013. "Views among Economists: Professional Consensus or Point-Counterpoint?," American Economic Review, American Economic Association, vol. 103(3), pages 629-635, May.
    4. Sam Allgood & William Bosshardt & Wilbert van der Klaauw & Michael Watts, 2012. "Is Economics Coursework, or Majoring in Economics, Associated with Different Civic Behaviors?," The Journal of Economic Education, Taylor & Francis Journals, vol. 43(3), pages 248-268, July.
    5. Franklin G. Mixon & Richard J. Cebula (ed.), 2014. "New Developments in Economic Education," Books, Edward Elgar Publishing, number 15538.
    6. Stimson, James A. & Mackuen, Michael B. & Erikson, Robert S., 1995. "Dynamic Representation," American Political Science Review, Cambridge University Press, vol. 89(3), pages 543-565, September.
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    Cited by:

    1. Grace O. Onodipe & Amanda L. Wilsker & Mark A. Partridge, 2022. "Economic knowledge, political views, and Covid-19 related behaviors," Economics Bulletin, AccessEcon, vol. 42(2), pages 895-906.
    2. Paul W. Grimes & Kevin E. Rogers & William D. Bosshardt, 2021. "Economic Education and Household Financial Outcomes during the Financial Crisis," JRFM, MDPI, vol. 14(7), pages 1-12, July.

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