Don't seem to understand difference between academic theory, policy practice
(THE FEDERALIST) – In late June, 16 Nobel economists led by former World Bank Chief Economist Joseph Stiglitz issued a letter warning that a second Trump term would have “a negative impact on America’s economic standing in the world and a destabilizing effect on the U.S. domestic economy.” Among the gripes: Trump’s “fiscally irresponsible” budget plans and the “vagaries of his actions and policies” in relations with other countries.
If the past is anything to go by, this is probably the most powerful endorsement of the Trump presidency yet.
The letter writers are not socialists. Like all good economists, they know that free trade, free markets, sound money, and balanced budgets are generally a good idea. They also know, as good economists do, that politicians need to get involved now and again to keep the Good Ship Capitalism afloat.
