Actually, analyzing the economic thought of the right has been something of a hobby of mine for a while, and an observation I've made is that the right not only doesn't understand economics, they don't understand, like, the idea of economics. What they think of as economics is actually moral philosophy boiling down to thinly-disguised Social Darwinism married to a kind of Old Testament cosmology. The Market is the stern father/god who dispenses reward and punishment according to people's moral success or failure. None of the humanist ideas that have traditionally motivated the pursuit of economics as a science are present. We are simply playthings of the Market, to be played or sacrificed like pawns, and it has to be this way or the cosmos itself will disintegrate.
That is just a pattern I've noticed, it certainly doesn't describe the totality of right-wing thought on questions of political economy. If you get far enough right, you have people who openly reject the market and prefer race or religion as organizing principles.
I think that's true of a lot of right-wing thought more generally. There's a widespread conviction on the right, usually unstated but very real, that the universe operates on essentially moral logic, with material reality acting as a derivative or expression of that moral logic. Moral character is the central determining force in history, whether of individuals, institutions or nations. When material reality falls out of step with what morality would predict, this is because of moral failing somewhere along the line, the result of low or malicious character, rather than the initial prediction being incorrect. Fascism is in some ways the peak of this, the idea that you can almost literally will the world into the shape it should be, with the frustration of the will being understood not as mortal men running up against hard reality, but as moral failing, perhaps of the subject but most usually of somebody else. The outcome inevitably being the institutionalisation of incompetence and obscurantism, as superiors refuse to understand the failure of their schemes as anything but the direct personal failings of their underlings, and underlings routinely feeding false information to their superiors to avoid this judgement.
This isn't uniquely right-wing, of course, it's a fallacy a lot of people fall into quite regularly, but for most people it's lazy or sloppy thinking, a set of assumptions that they fall back onto because they can't be bothered to think something through, but for a large part of the political right, that
is the thinking, this is how they genuinely believe the world works and how the world should work- the two, of course, being rendered identical by the premise itself.
Btw, in my experience you have to be a really crude Marxist to be more wrong than the things you learn in a typical economics 101 course are. Honestly, economics students should probably first go over Marxism because it's definitely more right than the 19th century neoclassical economists were.
Marxism also has the advantage of actually being an attempt to describe how economies work. Maybe not a perfect one, maybe even not a useful one, but an attempt. Neoclassical economics mostly just describes the models of Neoclassical economists. (
Obligatory SMBC.)
I was told that economics is the easiest thing to understand in the world. Then again, that same person couldn't understand the basic idea of inflation.
These people you know, have they ever heard of the Dunning-Kruger effect?