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

by Bryan Caplan

Migration patterns provide a nice illustration. Citizens of poor countries are often eager to emigrate to rich countries. But they rarely vote for parties that pledge to copy the policies of the rich countries. If an Indian desperately wants to move to the United States but is unable to get a visa, voting to make India more like the United States seems like the next best thing. But there is a crucial difference between the two actions. A migrant who leaves his homeland gives up psychological benefits, such as the belief that his nation is the best in the world, in exchange for a big jump in his material well-being. A voter who turns his back on his nation’s political tradition gives up psychological benefits but—since policy is beyond his control—is not a penny richer.