Who Understands More About Economics?
 

Two American voters are randomly selected. One's income is in the bottom half of wage earners in the country, and the other's is in the top 5%.

Which one has a better understanding of economics?

Re: Who Understands More About Economics?
 

If you voted for the rich, please explain how it makes any more sense that major economic decisions be determined by a popular vote than it does to put a decision about aeronautic engineering to a popular vote.

Re: Who Understands More About Economics?
 

The Rich - Much more likely to have purchased a decent education.

Edit: Are you advocating a technocracy?

Re: Who Understands More About Economics?
 

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If you voted for the rich, please explain how it makes any more sense that major economic decisions be determined by a popular vote than it does to put a decision about aeronautic engineering to a popular vote.

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The wording of your post is very misleading. What major economic decisions are decided by a popular vote? We have a republican form of government.

Re: Who Understands More About Economics?
 

[ QUOTE ]
The Rich - Much more likely to have purchased a decent education.

Edit: Are you advocating a technocracy?

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if i had to make a bet i would go with the rich

Re: Who Understands More About Economics?
 

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If you voted for the rich, please explain how it makes any more sense that major economic decisions be determined by a popular vote than it does to put a decision about aeronautic engineering to a popular vote.

[/ QUOTE ]

I don't think the goal of a democracy is to make the "best" decisions about anything. If it were, our system would be bizarrely poorly designed.

Re: Who Understands More About Economics?
 

I think you need to define your terms a bit better. My opinion is the poor know more about budget constraints and maximization within those on a micro level; the wealthy, being, lets assume, more educated (formal or informal) understand more about finance and investing. You can even go a step further and assume that because they are more educated they would know more about local, domestic and/or global economics (the macro).

To get to your question about economic decisions being made by popular vote or wealth vote, the reason it wouldn't make sense for an aeronautic engineering decision being made by someone who is undereducated in the field is it abstracts from a reality they play little role in. Economic decisions where competing groups push their self interest (both the wealthy and the poor) come to a more positive outcome than those made only by one sector of that self interest.

Re: Who Understands More About Economics?
 

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The Rich - Much more likely to have purchased a decent education.

[/ QUOTE ]

Re: Who Understands More About Economics?
 

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If you voted for the rich, please explain how it makes any more sense that major economic decisions be determined by a popular vote than it does to put a decision about aeronautic engineering to a popular vote.

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Don't we usually have this? Rich and educated people (Congress) make the decisions for us poor idiot peons.

Human bondage
 

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If you voted for the rich, please explain how it makes any more sense that major economic decisions be determined by a popular vote than it does to put a decision about aeronautic engineering to a popular vote.

[/ QUOTE ]I voted for the rich.

As to your question, I simply do not think it's a good idea to assign exclusively to club bouncers, gangsters and ultimate fight champions the task of formulating the laws & rules of assault, although it's evident they're the most qualified experts on the subject.

Mickey Brausch