The Myth of the Rational Voter, by Bryan Caplan, Cato Unbound, 6 Nov 2006Posits that voters mistaken beliefs, in particular about economics, do not "cancel each other out" but instead they compound; lead essay of forum on "Majority Fools: Irrationality and the Limits of Democracy"
From the time of Adam Smith, if not earlier, economists have complained that economic policy was based on misconceptions, and tried to make a difference by correcting their students' prejudices against markets, international trade, and so on. Economists preserve this tradition ... when they teach undergraduates, write for popular audiences, or talk amongst themselves ... [W]hen economists get the public's ear, they should not bore them with the details of national income statistics ... They should challenge the public's misconceptions about markets, foreigners, saving labor, and progress.