An under-discussed challenge facing modern democracies is the fact that the public’s intuitions about economics are frequently not only wrong but precisely backwards. What should be done to bring down inflation? A plurality of the public suggest cutting interest rates. Or take housing, where voters tend to think increasing supply will also raise prices and rents.
An unlikely but welcome exception to this pattern is immigration. Voters are hostile to those who come in search of welfare payments or a career in food delivery, but welcoming of immigrant doctors, scientists, engineers and entrepreneurs. An economist seeking to maximise growth, innovation and the fiscal balance would be in complete agreement with the average person in the street.
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