The Perils of Economic Consensus
Disagreements among economists reflect the fact that their discipline comprises a diverse collection of models, and that matching reality to model is an imperfect science. It is better for the public to be exposed to this uncertainty than for it to be lulled into a false sense of security based on the appearance of certain knowledge.
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PRINCETON – The Initiative on Global Markets, based at the University of Chicago, periodically surveys a group of leading academic economists, of varying political persuasions, on the issues of the day. Its latest roundup asked whether President Barack Obama’s stimulus plan helped to reduce unemployment in the United States.