At a recent economics conference in San Francisco, former Obama adviser Jason Furman noted the divide between economists’ support for free trade and the public’s rejection of it, reflecting a broader trend of economists’ waning influence on policy decisions. Despite economists’ consensus on issues like immigration, carbon tax, and fiscal responsibility, politicians like Trump and Biden have often gone against their advice, leading to a sense of disillusionment among the profession. As economists grapple with their failures and seek to regain relevance through improved communication and self-reflection, there is hope that future policy outcomes may prompt a reconsideration of economists’ input in shaping economic policies.
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