Economists became more consistent
News_Code: 355640 1/15/2022 8:55:38 AM
Economists became more consistent
According to a new poll, there is a growing consensus among economists, especially on the need for more active economic policies in the current context.

According to The Economist, this article publishes the results of the latest poll of economists conducted since 1976 almost every decade (though the first wave of survey results fully comparable with the results later.) In this regard, members of the America Economic Association were questioned whether or not they agree with a number of propositions ranging from the minimum wage to the desirability of public health insurance. Based on the frequency of answers, the researchers developed an index that shows the degree of consensus on each question.

The results show that the level of consensus has increased significantly. Economists agreed on about a third of the proposals in the survey, a significant improvement over about 15 percent in 2011 and less than 10 percent in 1990. The survey participants were more consensual in identifying economic problems, and significantly more of them were convinced of a firm policy.

Inequality was a growing concern in this survey. The share of respondents who fully or partially agreed with the option that income distribution in the United States should be more equal has risen from 68% in 2000 to 86% in 2020 and 2021. Overall, 85% of people believed that corporate power was highly centralized. Another concern was climate change, which was often considered a major threat to the economy. (Both questions were asked for the first time in the last poll.)

Not surprisingly, given their views on market power, poll participants' support for the strong use of antitrust policy has increased significantly over the past two decades. Another significant shift was in the enthusiasm for financial activities. More economists now believed that the Federal Reserve alone could not manage the business cycle and increasingly sought a larger role for governments. Many also agreed that fiscal policy could have significant economic effects both during the recession and in the long run.

However, boring science is not fully coordinated. Economists disagreed a little more about the consequences of lowering income tax on capital gains in a recent poll, with almost half of respondents agreeing with the researchers' statements and the rest disagreeing. Nevertheless, there still seems to be enough room for healthy discussion.