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Systematically Biased Beliefs about Economics: Robust Evidence of Judgemental Anomalies from the Survey of Americans and Economists on the Economy

Bryan Caplan · 1 Apr 2002 · doi.org

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In plain words

Ordinary people and economists systematically disagree about the economy, and the gap survives checks for economists' self-interest, their politics, and even general education. This shows the public's economic views really are biased in a robust way that simple alternatives cannot explain away. It reports survey analysis that rejects self-serving and ideological accounts and finds training effects remain large after education controls.

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  1. Differences between the general public's positive economic views and economists' resemble other judgemental anomalies: Laypeople and experts systematically disagree.
  2. The paper first tests and decisively rejects the hypothesis that the differences solely reflect economists' self‐serving bias.
  3. Apparent biases' robustness suggests that the anomaly is real.