Sunday, October 01, 2023

Just Some Rationally Ignorant PPL

 In one of my classes this year, Law, Morality, and The State, we read a lot of political philosophy. With that, we often discuss topics of government which lead many of my PPL classmates to make interesting comments regarding the economy (especially when we discuss Nozick). While some of them are just a little out there, others make no economical sense whatsoever. This can sometimes make me shake my head, but after revisiting what I have learned, I realized their poor economic thinking comes from fair economic decision making. Perhaps I just need to give them more credit for their rational ignorance. 

The majority of these PPL majors are looking to go into law school or get involved in politics and are so busy doing things like taking Comm Law or working at the Blue Ridge Center that look good on applications, they don't have the time to sneak in a class like Econometrics. Especially when you consider the opportunity cost of lost wages from not going to a T-14 law school after the hit Intermediate Microeconomics might take to your GPA, they really are behaving rationally. The opportunity cost of taking more Econ classes is just too high for them. But if you ever try to tell them it would be incredibly more rational to take Public Choice than be an informed voter (or even vote in general) (wayyyyyy higher P for Public Choice), I don't think it would go over very well. 

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