Always hate to disagree with Paul, but I'm not using Larry Summers as a stand-in for all economists here!
Economists in *this* administration tell me there's a difference between the weight Biden puts on their advice and the way Obama and Clinton engaged, and I believe them.
Economists in *this* administration tell me there's a difference between the weight Biden puts on their advice and the way Obama and Clinton engaged, and I believe them.
https://twitter.com/paulkrugman/status/1380201312797745157
As I say in the piece, some of them think that's bad, others think it's good — a proper rebalancing of roles.
A lot of the advice economists gave in past administration was political advice masquerading as economics advice. That political advice was often very, very wrong.
A lot of the advice economists gave in past administration was political advice masquerading as economics advice. That political advice was often very, very wrong.
And I'm not saying Biden ignores economists outright. Yellen, in particular, carries a lot of weight with him.
But in a relative sense, Biden is more skeptical of the way economists view the world — always has been — and more proudly political than some of his predecessors.
But in a relative sense, Biden is more skeptical of the way economists view the world — always has been — and more proudly political than some of his predecessors.
And his administration is taking place at a moment when there's a lot of reckoning going on among economists.
I'm less certain of this point, but my sense is the economists in Biden's administration aren't trying to take up as much space has been true in the past.
I'm less certain of this point, but my sense is the economists in Biden's administration aren't trying to take up as much space has been true in the past.
I get at this in my section on political risks: There's a recognition that there are worse things that can happen than wasting some money on poorly targeted policies. Some of the most immediate risks are inherently political, and they realize they don't understand them.
Downweighting economic risks for political risks can, of course, make economic risks more salient, as @mattyglesias writes.
I'm not passing judgment on how all this will play out. It's too early to know.
I'm not passing judgment on how all this will play out. It's too early to know.
https://twitter.com/mattyglesias/status/1380230116027072519
The centrality of climate, both as a failure of markets and as an overriding political goal, is also central here.
Anyway — people should read the whole piece! nytimes.com/2021/04/08/opi…
Anyway — people should read the whole piece! nytimes.com/2021/04/08/opi…
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