One of them, for example, would be the law of supply and demand. How well do people understand these laws? Economic Journal Watch, a peer-reviewed journal, has published a study done by George Mason University in collaboration with Zogby that attempts to answer that question. They asked eight basic economic questions of 4,835 people. Their first interesting result was that college-graduates did not know more about basic economics than those with a high school education or less. The second interesting results was that economic knowledge depended strongly on political philosophy with self-identified liberals and progressives being much less knowledgeable than self-identified conservatives or libertarians.
