Sunday, May 13, 2007

44 Out of 49 Economists Agree

It wasn't the tax cuts.
The NY Times' Daniel Altman surveyed economists:

The e-mail message had just one question: “Which factor was most important for the economy’s growth from mid-2003 through the end of 2006?”

....Forty-nine economists responded to my message, including many of the best-known names in the field. Of these, only five, about 10 percent, said that the tax cuts were the most important factor in the economy’s growth.

Two were Nobel laureates known for their conservative views — Robert E. Lucas Jr. of the University of Chicago and Edward C. Prescott of Arizona State University. Two other professors, Martin S. Feldstein of Harvard and Gary D. Hansen of the University of California, Los Angeles, qualified their answers by mentioning other factors.

As for the other 44, well, you've heard that if you put all the economists end to end, they would not reach a conclusion...


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