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CarlShulman comments on Voting is like donating thousands of dollars to charity - Less Wrong
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That would reduce the average level of education, political knowledge, and intelligence in the electorate.Turnout rates by education in 2008:
http://elections.gmu.edu/CPS_2008.html
Is there data supporting the claim that these traits correlate with selecting "better" candidates?
Yes - see Caplan's "Myth of the Rational Voter", showing education predicted "votes like an economist"
"Has beliefs about economic policy like an economist" more.