Knowledge Over Interest

An individual's support for a policy is primarily determined by their level of economic knowledge, rather than whether they directly benefit from it. People with higher economic literacy tend to support policies that maximize long-term welfare, even when their short-term personal interests are adversely affected.

Articles on this principle

• Why Do People Who Understand Economics Support Policies That Hurt Their Short-Term Interests?

  When someone learns economic thinking, their definition of self-interest fundamentally changes—they support policies that harm their immediate income because a deeper time perspective makes them profitable.