“Every flaw in consumers is worse in voters”

Economist and professor Mike Munger said this on this Econtalk podcast, recently.

Good point.

I know folks who think that voting is better than markets. They fail to realize the same folks (you and me) make the choices in both, just with different incentives.

Think about what incentives you face when you buy a food at the grocery store or a restaurant, or go on vacation, pay someone to mow your lawn, remodel your house or buy a streaming service.

Now think about the incentives you face when you vote.

What’s different? What’s the same?

It’s good to keep in mind that whatever you might think the flaws are in markets and consumers is worse in voters and to understand why.

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