Rather than economics itself being a tool of propaganda (which might be true but I think most economists would say they strive to be evidence-based), I think it demonstrates that the average voter’s views on economics are more or less worthless.
Poli-sci research is depressingly consistent in demonstrating that the average voters' views on everything are worthless. It's amazing the system works at all, even for very generous values of "works".
Research on voters' understanding of issues, and of the world, largely amounts to a less-funny version of that thing where a late night show has someone go out and get people to give incredibly stupid answers to easy questions.
Your second point is not an alternative to the first, rather it is implied by the first.