Yesterday I stumbled upon a May 2010 article in the Econ Journal Watch - a watchdog of academic economics - which, with the help of its extensive advisory council, comments on academic papers. The article/study was based on a 2008 survey of basic economic knowledge administered to nearly 5,000 participants by Zogby International.
The findings of the study can be summarized as:
1) Economic enlightenment is not necessarily correlated with going to college
2) Those who describe themselves as progressives or liberals perform much worse than those who are conservative or libertarian.
Is it any wonder that the so-called academic geniuses that run Washington these days seem so clueless?