Index Investing News
Wednesday, March 4, 2026
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Dumb Ideas – Econlib

by Index Investing News
June 16, 2023
in Economy
Reading Time: 2 mins read
A A
0
Home Economy
Share on FacebookShare on Twitter


Do dumb people hold dumb ideas? I’d say not necessarily. There are a host of issues where my views are probably closer to the view of the typical dumb person than to the views of a sophisticated reader of the New Yorker magazine. And even where I disagree with the views of dumb people, it’s quite possible that they are correct and I am wrong.

So dumb ideas =/= the ideas held by dumb people.

Nonetheless, there is one area where I believe that dumb people do tend to hold dumb ideas. I believe that are too quick to equate bad things with things that should be banned, and good things with things that should be mandatory.

Obviously, there are lots of bad things that should be banned. Robbing a bank should be banned. My view as to the appropriate punishment of bank robbers is probably closer to that of the typical dumb person that to the view of the typical New Yorker reader. (At least five years in prison, not one year because criminals are “oppressed by society.”)

I can think of all sorts of things that are bad or at least seem bad to many people:

Flag burning. Pornography. Drugs. Prostitution. Really high interest rates on credit cards. Paying workers very low wages. Very high rents on low quality apartments. Imported goods that result in American workers losing their job. A $5 fee to use an ATM.

My hunch is that dumb people are more likely to support banning those things, because they seem bad. This is not because I think that dumb people are left wing or right wing; the “ban bad things” view is held by people on both sides of the political spectrum. So is making certain “good things” mandatory, whether it be the Pledge of Allegiance or school mask wearing.

Tyler Cowen linked to a recent article that made the following claim:

Meanwhile, people with high measured cognitive ability are also more likely to support economic conservatism (and cultural liberalism).

Note that that people with economically conservative and culturally liberal views would tend to oppose the bans discussed above. The same cannot be said about right wingers or left wingers.

I suspect that dumb people are too quick to favor banning things that are seen as bad. That is, they are less likely to understand that these are two very different questions:

1.  Is X a bad thing?

2.  Should X be allowed?

They are less likely to be aware of the unintended consequences of government bans and mandates. Those consequences don’t always make bans and mandates a bad idea, but if you tend to overlook those consequences when forming your views, then your political opinions will be biased in a very specific direction—too much statism.



Source link

Tags: dumbEconlibIdeas
ShareTweetShareShare
Previous Post

Bitcoin withdrawals surpass deposits for the second time in six months

Next Post

Data Matters| Once more, unto the breach

Related Posts

Paul Krugman in Conversation with Barry Ritholtz

Paul Krugman in Conversation with Barry Ritholtz

by Index Investing News
March 4, 2026
0

https://www.youtube.com/watch?v=M5eIwNMG8A4https://www.youtube.com/watch?v=M5eIwNMG8A4   I always have fun chatting with Paulie. I always find it amusing to be on the other side...

Sam’s Links: February Edition – Econlib

Sam’s Links: February Edition – Econlib

by Index Investing News
February 28, 2026
0

Sam Enright works on innovation policy at Progress Ireland, an independent policy think tank in Dublin, and runs a publication...

Transcript: Hilary Allen on Fintech Dystopia

Transcript: Hilary Allen on Fintech Dystopia

by Index Investing News
February 24, 2026
0

https://www.youtube.com/watch?v=NSFAIakPdmohttps://www.youtube.com/watch?v=NSFAIakPdmo     The transcript from this week’s, MiB: Hilary Allen on Fintech Dystopia, is below. You can stream and...

Friedman on Immigration: Setting the Record Straight

Friedman on Immigration: Setting the Record Straight

by Index Investing News
February 20, 2026
0

Even people who are otherwise enthusiastic about a free market in labor can get cold feet about immigration once redistribution...

10 Presidents Day Reads – The Big Picture

10 Presidents Day Reads – The Big Picture

by Index Investing News
February 16, 2026
0

My three-day weekend reads: • Why a ‘K-Shaped’ Economy Means More Risk for Stock Investors: The wealthy are propping up consumer...

Next Post
Data Matters| Once more, unto the breach

Data Matters| Once more, unto the breach

Methow conservation group buys 1,200 acres above Winthrop

Methow conservation group buys 1,200 acres above Winthrop

RECOMMENDED

Owen Farrell omitted from England side to play Ireland in Rugby World Cup warm-up as disciplinary fallout continues | Rugby Union News

Owen Farrell omitted from England side to play Ireland in Rugby World Cup warm-up as disciplinary fallout continues | Rugby Union News

August 17, 2023
Official Trailer for Crazy Scary Found Footage Horror ‘Deadstream’

Official Trailer for Crazy Scary Found Footage Horror ‘Deadstream’

September 20, 2022
7 of the Best Alternative Real Estate Investing Strategies

7 of the Best Alternative Real Estate Investing Strategies

January 15, 2024
Stacking Benjamins: Classes from How NOT to Make investments

Stacking Benjamins: Classes from How NOT to Make investments

March 30, 2025
Public Assertion in Favor of Free Commerce and In opposition to Tariffs

Public Assertion in Favor of Free Commerce and In opposition to Tariffs

April 20, 2025
Even If the Fed Cuts Charges, Properties Will Nonetheless Be Simply as Costly

Even If the Fed Cuts Charges, Properties Will Nonetheless Be Simply as Costly

August 12, 2024
Solana Worth Continues Downward Slide — Is A Rebound Doable At 0? 

Solana Worth Continues Downward Slide — Is A Rebound Doable At $180? 

December 22, 2024
NCLAT dismisses Supertech promoter’s plea in opposition to private insolvency proceedings

NCLAT dismisses Supertech promoter’s plea in opposition to private insolvency proceedings

April 14, 2025
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In