If the decision is bad for the voters, the they will be replaced in the next election.
The central thesis of my post is that individual voters are not individually incentivized to vote well. For this reason, bad decisions by politicians do not necessarily result in them getting replaced in subsequent elections. Politicians are removed for violating mass stated preferences, which differ from good policy in predictable directions.
You awknowledge that learning about economics has costs. The same can be said about arts, literature, physics, social sciences, or ecology. It is not possible for everyone to learn all these subjects, but it is possible to select a few of our best to learn about them. The tragedy of commons would happen if everyone would need to learn about boring (for them) subjects for years.
Yes. I used economics in this post because it could perform double-duty, since this post also discusses moral hazard. The principle applies for foreign affairs, law, etc.
The central thesis of my post is that individual voters are not individually incentivized to vote well. For this reason, bad decisions by politicians do not necessarily result in them getting replaced in subsequent elections. Politicians are removed for violating mass stated preferences, which differ from good policy in predictable directions.
Yes. I used economics in this post because it could perform double-duty, since this post also discusses moral hazard. The principle applies for foreign affairs, law, etc.