Saturday, January 28, 2006

The Economics of Not So Innocent Fraud

I was doing a bit of research, and being obliged to truth, no matter how ugly, I decided to research some issues on political affiliation. Although I had at times read that education increased with Republican voting - an exit poll, a questionable source - I found a Pew study that showed income and Republican values go hand-in-hand. Although this seems commonsensical, it contradicted my sense that educated people are typically liberal, although IQ correlates with income at 0.3, a relatively low degree. Alternatively, the most educated people, i.e., professors, are more often affiliated with the Democratic party, rather than the Republican, by a 7 to 1 ratio.

Regardless, it did make me question myself, and I was reminded of Galbraith's The Economics of Innocent Fraud: Truth For Our Time, that many people in power, both corporate and political, believe in fallacies that are self-rewarding. For those that enjoy economics, the book is a very worthwhile but slender read.

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