What Does the Public Know About Economic Policy, and How Does It Know It?
by Alan S. Blinder and Alan B. Krueger. Reading for week of May 10, 2005.
Published: Wednesday, May 04, 2005Public opinion influences politicians, and therefore influences public policy decisions. What are the roles of self-interest, knowledge, and ideology in public opinion formation? And how do people learn about economic issues? Using a new, specially-designed survey, we find that most respondents express a strong desire to be well informed on economic policy issues, and that television is their dominant source of information. On a variety of major policy issues (e.g., taxes, social security, health insurance), ideology is the most important determinant of public opinion, while measures of self-interest are the least important. Knowledge about the economy ranks somewhere in between.
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