In the classical economic view of markets a third party is needed to create and protect property rights. This should make black markets where the government actively opposes rights in the goods and services traded impossible, yet we see functional black markets across the world. We argue that...

Many scholars argue that "retrospective voting" is a powerful information shortcut that offsets widespread voter ignorance. Even relatively ignorant voters, it is claimed, can punish incumbents for bad performance and reward them if things go well. But if voters' understanding of which officials...

The positive economic beliefs of economists and the general public systematically differ. What factors make non-economists think more like economists? Using the Survey of Americans and Economists on the Economy, this paper shows people think more like economists: if they are well-educated; if they...

In theory, democracy is a bulwark against socially harmful policies. In practice, however, democracies frequently adopt and maintain policies that are damaging. How can this paradox be explained? The influence of special interests and voter ignorance are two leading explanations. I offer an...