Wednesday, September 22, 2010

[6/8/10] Answers to "A Test of Economic Enlightenment"

If you're peeking, you're only cheating yourself!

Okay.  Here is the key.  Economists, regardless of their political persuasion, generally agree that the statements 1 - 5 are true, while the statements 6 - 8 are false. 

So, for each assessment of 1 or 2 you gave to statements 1 - 5 and for each 3 or 4 to statements 6 - 8, give yourself one point for your economic enlightenment.

Zogby International emailed about 50,000 people sending them a link to a web site and asked their list to take a survey including these questions.  About 15% of those went to the site, and about 10% finished the survey.  Zogby also asked their respondents to give their level of education and to identify their political persuasion by selecting from progressive, liberal, moderate, conservative, very conservative, or libertarian.  Perhaps surprisingly, there was little correlation between economic enlightenment and education level.  However, there was a substantial positive correlation between economic enlightenment and increasing conservatism!

On the average, out of the eight statements, the various political segments took the unenlightened opinion as follows:

Progressive              5.3
Liberal                    4.7
Moderate                3.7
Conservative           1.6
Very Conservative   1.3
Libertarian              1.4

You know where you stand, and now you know how economically enlightened you are.

An article summarizing this study can be found here, and a link to the complete academic paper may be found here.