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The Myth of the Rational Voter: Why Democracies Choose Bad Policies

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The author criticizes political economy and rational choice theory for the fact that in developing their models they proceed from the hypothesis of a rational voter who does not make systematic errors, while empirical studies in related fields (psychology, public opinion research) reveal the presence of persistent biases in people. The most important of them, according to the author, are the following: anti-market bias, anti-foreign bias, bias in favor of job availability, and pessimistic bias. All of them influence people's assessment of the electoral programs of politicians, who are therefore forced to include measures that lead to negative consequences but are in line with voters' preferences. However, thanks to a certain room for maneuver that already elected politicians have, they try to balance on the thin line of formal implementation of policies that are pleasing to the voters' heart, without taking it to the extreme, because they will be punished by the voters for negative economic results. One way out of this situation, according to B. Kaplan. Kaplan believes that one way out of this situation is to increase the economic literacy of voters.
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