Put down the coffee…
A recent study concluded that far left socialists have low levels of economic knowledge.
Of course, Barack Obama and Nancy Pelosi would be a perfect examples of this theory.
Thanks to Matthew Yglesias for the story:
According to Zeljka Buturovic and Dan Klein, people who self-identify as “progressive” have low levels of economic knowledge whereas those who self-identify as “libertarian” or “very conservative” rank very highly. For reasons suggested by Tyler Cowen, I think that conclusion is nonsense. But I do think they have the goods on the fact that people who self-identify with the left have some trouble grasping the interplay of prices and supply restrictions.
If you ever doubted this just look at the economy since Obama took office.
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