12 October 2010

Marginal Revolution: Economic Misconceptions

The database Dr Goffe's assembling has a home page here
When asked by how much has income per person in the United States changed since 1950 (after adjusting for inflation) the median student said an increase of 25%. Actual rate an increase of about 248%, thus the median student was off by a factor of 10.

Read the rest Marginal Revolution: Economic Misconceptions">here

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