The Myth of the Rational Voter

Political scientists and economists have long argued that voters are rationally ignorant.

On this theory, people tend to acquire and retain information only if the expected benefits exceed the expected costs. This explains why students cram material to pass a test but let themselves forget it afterward, why Americans who speak English at home don’t usually bother to learn a foreign language but so many people learn English, or why you don’t bother attempt to memorize your local phonebook.

It also explains why voters know so little. Since individual votes make so little difference, individual voters can afford to remain… show more.

Caplan also builds on the observation that one vote will not affect an election outcome, so voters have little incentive to cast an informed vote. Caplan notes that people tend to have biased beliefs about public policy, leading them to vote for candidates and policies that are not in the public interest. Voters tend to be, in Caplan’s terms, rationally irrational. To examine this idea, Caplan compares the public policy views of economists with those of the general public and finds significant differences. Under the assumption that economists are correct about the public policies that best further the public interest,… show more.