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What Economists Agree Upon

A recent study shows that a strong majority believes the U.S. should eliminate tariffs and barriers to trade.

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Study by Robert Whaples, summarized by Greg Mankiw:

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  • 90.1 percent disagree with the position that "the U.S. should restrict employers from outsourcing work to foreign countries."

  • 87.5 percent agree that "the U.S. should eliminate remaining tariffs and other barriers to trade."

  • 85.2 percent agree that "the U.S. should eliminate agricultural subsidies."

  • 85.3 percent agree that "the gap between Social Security funds and expenditures will become unsustainably large within the next fifty years if current policies remain unchanged."

  • 77.2 percent agree that "the best way to deal with Social Security's long-term funding gap is to increase the normal retirement age."

  • 67.1 percent agree that "parents should be given educational vouchers which can be used at government-run or privately-run schools."

  • 65.0 percent agree that "the U.S. should increase energy taxes."

They like the free market, don't they? Well, so do I. I basically agree with all of them except the bit about school vouchers -- I even willing to be convinced about that, but the data so far seem to speak strongly against the success of vouchers (as I vaguely recall). The incentive structures don't really point in the right direction. From the table, note that the above answers lump together "agree" and "strongly agree"; in fact, when it comes to vouchers, the agreement is not strong. If you disagree with the economists, here's why. All via Marginal Revolution.

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