Who could not have seen the hilarious Jimmy Kimmel video where
interviewers would ask Americans on the street, "Which do you support
more, Obamacare or the Affordable Care Act (ACA)?" It turns out,
shockingly enough, more Americans supported The Affordable Care Act than
Obamacare. It also turns out, Obamacare and the Affordable Care Act, are exactly the same! While most
people would contend on facebook, twitter, and other social media that most
Americans are just plain stupid or ignorant. I contend that Americans may be
ignorant, true, but we are rationally
ignorant. And there's a huge
difference.
So if a Californian wanted to take, let's
say, a solid 2 hours to learn about ACA, which would probably take two hours to
shift through lies, misleading facts, biased articles, etc, on the internet, he
would be at a loss of a maximum of $55. But the odds of a vote deciding an
election in California, according to doesmyvotecount.org, are 1/1.3 Trillion.
Thus according to the expected marginal benefit of voting formula we went over
in class, which for sake of space I will not write, the amount of expected marginal benefit is negligible.
Thus Americans are just in being rationally ignorant. But is there
more at work?
Perhaps we are rationally ignorant because we should be. The reason I don't
particularly care to delve too deeply into Obamacare is because the marginal
costs of learning the high level knowledge of macroeconomics needed to make an
educated decision on Obamacare would exceed many family monthly incomes! It's
more efficient to use our time elsewhere to make income. We as Americans would
prefer that left up to experts to determine, and act on our behalf.
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