Friday, August 01, 2014

Knowledge Isn’t Power

Paul Krugman, NYT
JULY 31, 2014

One of the best insults I’ve ever read came from Ezra Klein, who now is editor in chief of Vox.com. In 2007, he described Dick Armey, the former House majority leader, as “a stupid person’s idea of what a thoughtful person sounds like.”

It’s a funny line, which applies to quite a few public figures. Representative Paul Ryan, the chairman of the House Budget Committee, is a prime current example. But maybe the joke’s on us. After all, such people often dominate policy discourse. And what policy makers don’t know, or worse, what they think they know that isn’t so, can definitely hurt you.

What inspired these gloomy thoughts? Well, I’ve been looking at surveys from the Initiative on Global Markets, based at the University of Chicago. For two years, the initiative has been regularly polling a panel of leading economists, representing a wide spectrum of schools and political leanings, on questions that range from the economics of college athletes to the effectiveness of trade sanctions. It usually turns out that there is much less professional controversy about an issue than the cacophony in the news media might have led you to expect.

This was certainly true of the most recent poll, which asked whether the American Recovery and Reinvestment Act — the Obama “stimulus” — reduced unemployment. All but one of those who responded said that it did, a vote of 36 to 1. A follow-up question on whether the stimulus was worth it produced a slightly weaker but still overwhelming 25 to 2 consensus.

(More here.)

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