Document Type
Discussion Paper
Publication Date
5-1-2023
CFDP Number
2361
CFDP Pages
30
Journal of Economic Literature (JEL) Code(s)
C8, G53, E7
Abstract
Are speculators driving up oil prices? Should we raise energy prices to slow global warming? The present study takes a small number of such questions and compares the views of economic experts with those of the public. This comparison uses a panel of 2000+ respondents from YouGov with the views of the panel of experts from the IGM at the Chicago Booth School. We found that most of the US population is at best modestly informed about major economic questions and policies. The low level of knowledge is generally associated with the intrusion of ideological, political, and religious views that challenge or deny the current economic consensus. The intruding factors are highly heterogeneous and are much more diverse than the narrowness of public political discourse would suggest. Many of these findings have been established for scientific subjects, but they appear to be equally important for economic views.
Recommended Citation
Nordhaus, William D. and Rivers, Douglas, "The People and the Experts: Alternative Views on Economic Affairs" (2023). Cowles Foundation Discussion Papers. 2710.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/2710