Anthony Downs died recently--he was an economist who argued that people assess their choices rationally, particularly their political choices, which often leads to them not voting.
A recent paper here argues for the importance of personal experience in shaping choices. A recent article on inflation in the Post got a number of comments--I was struck by the number who recounted their history, or their parents history, with high mortgage rates back in the 1980s. As for myself, when I bought in 1976, I ended up buying from Gulf Reston, choosing a new townhouse, although one of the last remaining in a 220 unit townhouse development. Part of the factor for my choice was the 8 percent rate for the mortgage, as Gulf still had access to financing at that rate, although the going rate was IIRC closer to 9. Rates cited in the comments on the Post piece were double digits.
That personal history makes me more sensitive to the dangers of inflation returning than most of my fellow liberals, who seem these days to believe it can't happen again.
This isn't inconsistent with Downs theory, but it does fit the NBER paper.
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