The US has effectively abandoned its economists, those expert policymakers who used to be revered as the most knowledgeable experts on matters of economic policy.
Economists' influence in policymaking has fallen out of favor among both parties. The right has turned against free market economics and now looks to Trump's zero-sum worldview for guidance. Progressives have rejected mainstream economists' fundamental ideas, such as trade-offs and unintended consequences.
The reason behind this decline in influence is the rise of populism on both sides, Trump and Biden's personalities, structural changes in the economy, and the information environment. Economists are now seen as having a special status among experts, but their recommendations were often ignored or rejected.
President Joe Biden has ignored economists' warnings about inflation risks and President Donald Trump has dismissed economists' arguments against his tariffs. Rising Democrats are backing price controls, even though mainstream economists argue that they typically backfire.
The consequences of this shift away from economists are a proliferation of badly designed policies pleasing ideologues and interest groups. The US economy is struggling, with high prices and low economic confidence turning sharply negative under Biden.
Economists have been skeptical of the claim that they are responsible for the problems in the economy but struggle to offer solutions when it comes to issues like high prices. Their basic toolkit – modeling that assesses incentives and market behavior – is highly useful if you want to design policies that will actually work.
The Federal Reserve, chaired by elite economists like Alan Greenspan and Ben Bernanke, became a de facto fourth branch of government under the neoliberal era. Economists were seen as having a special status among experts in policymaking, especially during the neoliberal era when they helped shape policy debates across many issues – education, health care, environmental regulation.
The Great Recession is often cited as ending this era, shattering confidence in economists and neoliberalism. However, it was mainly Obama's team who ignored economic advice on stimulus packages, leading to increased spending that may have exacerbated the inflation problem.
Today, mainstream economists are marginalized in the Biden administration, while progressive activists and thinkers rely more on elite lawyers and the nonprofit world for expertise. Economists' recommendations are often ignored, especially when it comes to issues like high prices.
The public's economic confidence has turned sharply negative under both Trump and Biden, with no clear solution in sight. Economists agree that price controls are not a viable solution, while others argue that abundance agenda might be more effective but lacks electoral appeal.
In conclusion, the US has abandoned its economists, who were once revered as experts on economic policy. The reasons for this decline include populism, Trump and Biden's personalities, structural changes in the economy, and the information environment. Economists are now struggling to offer solutions when it comes to high prices, despite their basic toolkit being highly useful in designing policies that will work.
Economists' influence in policymaking has fallen out of favor among both parties. The right has turned against free market economics and now looks to Trump's zero-sum worldview for guidance. Progressives have rejected mainstream economists' fundamental ideas, such as trade-offs and unintended consequences.
The reason behind this decline in influence is the rise of populism on both sides, Trump and Biden's personalities, structural changes in the economy, and the information environment. Economists are now seen as having a special status among experts, but their recommendations were often ignored or rejected.
President Joe Biden has ignored economists' warnings about inflation risks and President Donald Trump has dismissed economists' arguments against his tariffs. Rising Democrats are backing price controls, even though mainstream economists argue that they typically backfire.
The consequences of this shift away from economists are a proliferation of badly designed policies pleasing ideologues and interest groups. The US economy is struggling, with high prices and low economic confidence turning sharply negative under Biden.
Economists have been skeptical of the claim that they are responsible for the problems in the economy but struggle to offer solutions when it comes to issues like high prices. Their basic toolkit – modeling that assesses incentives and market behavior – is highly useful if you want to design policies that will actually work.
The Federal Reserve, chaired by elite economists like Alan Greenspan and Ben Bernanke, became a de facto fourth branch of government under the neoliberal era. Economists were seen as having a special status among experts in policymaking, especially during the neoliberal era when they helped shape policy debates across many issues – education, health care, environmental regulation.
The Great Recession is often cited as ending this era, shattering confidence in economists and neoliberalism. However, it was mainly Obama's team who ignored economic advice on stimulus packages, leading to increased spending that may have exacerbated the inflation problem.
Today, mainstream economists are marginalized in the Biden administration, while progressive activists and thinkers rely more on elite lawyers and the nonprofit world for expertise. Economists' recommendations are often ignored, especially when it comes to issues like high prices.
The public's economic confidence has turned sharply negative under both Trump and Biden, with no clear solution in sight. Economists agree that price controls are not a viable solution, while others argue that abundance agenda might be more effective but lacks electoral appeal.
In conclusion, the US has abandoned its economists, who were once revered as experts on economic policy. The reasons for this decline include populism, Trump and Biden's personalities, structural changes in the economy, and the information environment. Economists are now struggling to offer solutions when it comes to high prices, despite their basic toolkit being highly useful in designing policies that will work.
I mean, think about it... economists used to be like the ultimate experts on all things economics. They'd study, analyze, and provide recommendations based on data and research. But now, it's like they're seen as just another voice in the crowd 
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. Like, that's not how economics works! But I guess that's kind of what's happening now - people are looking for quick fixes rather than taking the time to understand the complexities of the economy.
. I mean, I get it, they might seem like an easy solution, but economists have been warning about them for years... and yet here we are, struggling with inflation and all sorts of economic woes.
. They used to be so respected and sought out as advisors, but now they're seen as out of touch or too focused on numbers 
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. We need experts like economists who can provide real guidance and help us navigate these tricky economic times 
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And Biden's not much better, price controls? Yeah, because that's exactly what the economy needs - more government interference! 
. I guess what I'm saying is that I wish some economists would actually offer solutions instead of just complaining about the problem 
especially with the current inflation issues... 
price controls arent a solution, but people still wanna try em 
. They're no longer getting the respect they deserve as policymakers. The right wing has ditched free market economics and now Trump's zero-sum worldview is guiding them. Meanwhile, progressives are rejecting mainstream economists' ideas on trade-offs and unintended consequences.
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. This is a huge problem for the US economy 
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