Why More Econ Majors Are Republicans Rather Than Democrats

From The Daily Capitalist

The New York Fed just published a study on the political and civic behaviors of college graduates based on their majors (“Is Economics Coursework, or Majoring in Economics, Associated with Different Civic Behaviors?” Sam Allgood, William Bosshardt, Wilbert van der Klaauw, and Michael Watts (no. 450, May 2010)). Don't ask me why they study these things, but they do.

This was a longitudinal study based on surveys mailed out to over 25,000 graduates from Florida Atlantic (FAU), Nebraska-Lincoln, North Carolina (UNC), and Purdue. The surveys were done in 1976, 1986, 1996, and 2003. They broke down majors into three broad categories--economics, business, and general (not the other two majors).

They concluded that econ majors were statistically significantly likely to be Republicans. They also found that econ majors were more likely to donate money and volunteer on behalf of candidates. Further it found that business majors behaviors were no different than genral majors.

Here are the significant results:

[O]ur results clearly suggest there is more to the story than simply “being educated” – so that what people study in college, or what they choose to study, is associated with their civic behaviors many years after they graduate.

Most previous studies that look at the link between education and civic behavior simply include a control for the amount of education a person has. This implies “being educated” influences a person’s civic behavior, but it ignores the possibility that the content of what a person is learning might also influence behavior.

Our analysis shows several statistically and economically significant associations between coursework in economics, or majoring in economics or business, and later civic behavior, including party affiliation, making donations to political parties, and volunteerism. ...

To briefly preview our results, those who took more economics classes or who majored in economics or business were more likely to be members of the Republican party and less likely to join the Democratic party. Those findings hold even after controlling for the higher salary, higher equity in real estate holdings, and earning a graduate degree.

Without controlling for salary, the value of real estate holdings, and graduate degrees earned, we found that with a higher number of economics classes taken increased the likelihood that a person had donated money to a political party or campaign. ...

The number of economics courses completed by the graduates of these four schools significantly decreases the likelihood that a person does not join a political party and the likelihood of joining the Democratic party, while the number of economics courses is positively related to the likelihood of joining the Republican party. For example, taking five economics courses is associated with an eight percent decrease in the likelihood of joining the Democratic party and more than a 10 percent higher chance of joining the Republican party. These marginal effects are large relative to the unconditional means reported in Table 1. For example, approximately 40 percent of respondents report being members of the Republican party, so a 10 percentage point increase for 5 economics courses represents a 25 percent increase. ...

However, business majors are less likely than General majors to participate in time consuming activities such as voting in the 2000 Presidential election or volunteering, and when they volunteer they volunteer for fewer hours than do General majors. ... Our estimates reveal the somewhat surprising result that the attitudes of business students on public policy are more similar to General majors than to Economics majors.

I think what this means is that if you have some understanding of how the economy works, you realize that business and commerce is harmed by legislation rather than helped by it. While we know that the Republican Party is not a bastion of free market economics, if you are painting with a very broad brush the Republicans are viewed as being more pro-business and more anti-government than the Democrats. And I think that is why econ majors tend to be Republicans.

I understand that much of what is taught in economics classes these days in Keynesian or Monetarist as far as Fed policy and the government's role in the economy, so please don't jump down my throat. But the basics of economics do teach supply and demand, business responses to taxation and regulation, and the role of business in creating jobs. It is interesting that the more econ courses one takes, the higher the likelihood is of being Republican.

I wonder what the party affiliation is of Ph.Ds in economics?

I, for one, think this is a hopeful conclusion. Imagine if we were able to teach the basics of Austrian theory economics in every college in America. The Libertarians would win.

Comments

[Catullus]

Yeah. All those bullshit emotions and human behavior pussy shit. Fucking morons, don't they know humans behave like rocks? That's what all of our math models tell us anyway. Goddamn. Once we get all these idiots out of the way, we can create an all knowing formula that no one will ever react to so that will be correct for forever.

[masterinchancery]

Economics does involve logical thinking and very useful attempts to describe reality.  When economists go to work for the government, or even consult for it, however, it usually becomes a search for whatever theory will pander to politicians' desires.

[mynhair]

Why More Econ Majors Are Republicans Rather Than Democrats

Cuz 1 + 1 = 2, no matter how much you legislate otherwise.

See:  LA (state) and Pi.

[Ragnar D]

Definition of a Libertarian:

1.  Democrat who learned some basic Economics

2.  Republican who smokes pot

[Willzyx]

+1

[terrible]

Better to know %s of each party (and edu background) that know dif between Keynesian and Austrian economics.