Progressives are economic retards

[Drake Tungsten]

Libertarians and hardcore conservatives, on the other hand, are the most enlightened about economic issues, according to a new study in Econ Journal Watch.

The line at the bottom reports for each ideological group the average number of incorrect answers. Adults self-identifying “very conservative” and “libertarian” perform the best, followed closely by “conservative.” Trailing far behind are “moderate,” then with another step down to “liberal,” and a final step to “progressive,” who, on average, get wrong 5.26 questions out of eight.

This may be the least surprising study ever performed.

[Fake Boris]

[Drake Tungsten]

It is pretty hilarious. Upwards of 90% of progressives don't understand that minimum wage laws increase unemployment!?

[Asher]

I'm assuming the troll here is many of these are subjective statements with "correct/incorrect" interpretations by some apparently even-more-ignorant journal?

[Drake Tungsten]

many of these are subjective statements with "correct/incorrect" interpretations

Apparently you're more liberal than I thought.

[Asher]

For example, the comment about exploiting third-world workers -- there's two schools of thought, neither one more correct than the other:
1) You are providing employment to people who might otherwise not be employed
2) You are creating inhumane sweatshops, potentially with child labour

It's absurd to assert that there's a correct or incorrect answer with a loaded word like "exploit". It's subjective.

[ramseya]

Are you serious, Drake? Those were terribly subjective and controversial questions/statements. Exploit workers? Exploit meaning what?

[Asher]

And free trade can lead to unemployment. All it takes is a single person laid off from his American factory because they're building a cheaper one on Mexico to make that statement true.

[Drake Tungsten]

Why would third-worlders voluntarily agree to work for "American companies overseas" if they were being exploited?

Those were terribly subjective and controversial questions/statements.

Those questions are a collection of the least controversial topics in economics.

[Asher]

Are you serious, Drake? Those were terribly subjective and controversial questions/statements.

As I said, I think that's the troll.

[Asher]

Why would third-worlders voluntarily agree to work for "American companies overseas" if they were being exploited?

Because they've no other choice, and they have no other choice because their economy is dominated by exporting cheap goods to America rather than building a sustainable local economy.

As I said, it's not cut & dry.

I would have to say that the people who wrote this survey get a big, fat "INCORRECT" rating themselves.

[Drake Tungsten]

Because they've no other choice

Of course they have a choice. If working for the American company is worse than not working for the American company, then they would choose the latter.

[Asher]

Why would third-worlders voluntarily agree to work for "American companies overseas" if they were being exploited?

Those were terribly subjective and controversial questions/statements.

Those questions are a collection of the least controversial topics in economics.

Economics itself is controversial. I'm convinced 99% of economists don't understand what they're talking about.

Economics is essentially a study of rules of thumb. It's an embarrassment to universities.

[Asher]

Because they've no other choice

Of course they have a choice. If working for the American company is worse than not working for the American company, then they would choose the latter.

The presence of American companies is not in a vacuum. Their presence and their dominance impacts the formation of the developing economy.

You're not thinking big enough.

[SlowwHand]

And free trade can lead to unemployment. All it takes is a single person laid off from his American factory because they're building a cheaper one on Mexico to make that statement true.

Yep.

I also don't see the logic in saying "minimum wage laws increase unemployment".
So if McDonald's has to pay minimum wage, they'll just close the franchises instead?