Excellent list Christopher. I partly disagree with the last point: I think economists should clarify the trade-offs and then let the politics pick the choice. Letting political realism shape economic advice will otherwise too often lead to bad or ineffective advice.
Your criticism of Germany is very fashionable among economists, but I am always puzzled by it. We don't blame American companies for becoming globally successful; but when too many German companies do it, we blame Germany for "stealing growth" from others -- implicitly arguing it should instead adopt some of the poor policies seen in places like Italy and France, I imagine?
I like that clarification, because the trade off is, ultimately, a political choice. I just feel we don’t do a good job exploring and costing out the trade offs in our commitment to propose “best outcomes” rather than “best possible outcomes.” As for the well-worn discussion of Germany v Italy, I’ve never wanted Germans to export less, I only wish they would import more!
Excellent list Christopher. I partly disagree with the last point: I think economists should clarify the trade-offs and then let the politics pick the choice. Letting political realism shape economic advice will otherwise too often lead to bad or ineffective advice.
Your criticism of Germany is very fashionable among economists, but I am always puzzled by it. We don't blame American companies for becoming globally successful; but when too many German companies do it, we blame Germany for "stealing growth" from others -- implicitly arguing it should instead adopt some of the poor policies seen in places like Italy and France, I imagine?
I like that clarification, because the trade off is, ultimately, a political choice. I just feel we don’t do a good job exploring and costing out the trade offs in our commitment to propose “best outcomes” rather than “best possible outcomes.” As for the well-worn discussion of Germany v Italy, I’ve never wanted Germans to export less, I only wish they would import more!