Liberals Fail Economics 101

Just read an interesting article this morning regarding the ineptitude of Liberals in regard to basic economics. The link may be seen below. The results are scary, considering that Democrats are in control of Washington. The bottom line is that they're political ideals clearly cloud their judgment when it comes to basic economic issues.

For instance, on the question of whether the company with the largest share of a particular market is a monopoly, those calling themselves liberal or very liberal tended to say yes, they agree that this is the case. Ummmm....what? A company is only a monopoly if it is "the only" company in a particular market, or at least has far great than a 50% share. Just because it is the biggest company, does not make it a monopoly...it may only have a 10% share.

On the question of whether rent control will lead to housing shortages, liberals failed again. They disagreed that this would be the case. That is one of the most basic questions in economics and they failed to get that right. If you limit the profit that a developer may generate, then why would he build new housing?

Overall, there were 8 questions, and liberals answered wrongly over 60% of the time while conservatives and liberterians answered wrongly less than 25% of the time.

What does that tell ya? The article is below

http://online.wsj.com/article/SB10001424052748703561604575282190930932412.html?mod=WSJ_Opinion_LEADTop