Mainstream economists are trustworthy. The real issue is…
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Mainstream economists are trustworthy. The real issue is that most people do not know how to separate peer-reviewed science from partisan think-tank ideology.
To be clear, economics has biases and relies on base assumptions everyone knows are flawed(but they model reasonably well). But when you look at mainstream economists who engage with the peer-review process, their field is absolutely the best and most predictive lens we have for understanding how the economy works and how policy decisions will play out.
Usually, people only dismiss the field when the data contradicts their idealogoy. Tariffs are not going to give you more domestic manufacturing, especially when they are applied to raw materials, and rent control and freezes have their own cascading effects (increased rents outside of the protected area, reduced supply, supply subsidy requirements)
We might be disappointed with the accuracy of these predictions, and people definitely overstate how predictive the field actually is. But if anything even approximates the truth, it is the consensus formed by peer-reviewed economics published in reputable journals. You can always find individual papers that contradict the mainstream. That does not change the fact that the mainstream consensus is the most accurate tool available.
Just because economics is not as perfect as we want it to be does not make you wiser for ignoring its consensus. If you live in the Stone Age, you are not a genius for refusing to use stone tools just because you are waiting for iron ones to be invented.
#conversation
To be clear, economics has biases and relies on base assumptions everyone knows are flawed(but they model reasonably well). But when you look at mainstream economists who engage with the peer-review process, their field is absolutely the best and most predictive lens we have for understanding how the economy works and how policy decisions will play out.
Usually, people only dismiss the field when the data contradicts their idealogoy. Tariffs are not going to give you more domestic manufacturing, especially when they are applied to raw materials, and rent control and freezes have their own cascading effects (increased rents outside of the protected area, reduced supply, supply subsidy requirements)
We might be disappointed with the accuracy of these predictions, and people definitely overstate how predictive the field actually is. But if anything even approximates the truth, it is the consensus formed by peer-reviewed economics published in reputable journals. You can always find individual papers that contradict the mainstream. That does not change the fact that the mainstream consensus is the most accurate tool available.
Just because economics is not as perfect as we want it to be does not make you wiser for ignoring its consensus. If you live in the Stone Age, you are not a genius for refusing to use stone tools just because you are waiting for iron ones to be invented.
#conversation
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