Economists Abandon Republicans

I very rarely see conservative-leaning economists.
Yeah, when Milton Friedman died, it went down by 50%.

Republicans bear the brunt of the blame for a damaged economy. In the most recent Washington Post-ABC News national poll, more than half of all voters said they were ‘very concerned’ that the failure of the first bailout vote would cause a ‘severe economic decline.’ By a ratio of 2 to 1, they blamed the defeat on Republicans.

Obama is not left. Utopian, cornucopian Republican free-marketers hate economics and replace it with magical thinking. The whole government dominated by these Utopians. It’s quite understandable that economists would migrate to Obama. Obama’s economic and tax plans would be better for the economy than McCain’s.

Economists to have a healthy respect for empirical evidence. The Republican Party’s economic and fiscal policy over the last couple decades has seriously diverged from actual “free market” principles. Republican economic dogma is based on 50 year-old models (at best) that don’t reflect current thinking.

It’s time for our proudly free-market American pundits to realize they were never the smartest guys in the room. They just caught a case of hubris and crashed our economy.

The major difference between the hard sciences and economics is the large degree of complexity and uncertainty in the latter. The greater the uncertainty, the easier it is for the frauds, charlatans and self-serving fundamentalists to exploit.

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A survey of the National Bureau of Economic Research, America’s premier association of applied academic economists, published at The Economist.

The detailed responses are bad news for Mr McCain. Eighty per cent of respondents and no fewer than 71% of those say Mr Obama has a better grasp of economics. Even among Republicans Mr Obama has the edge: 46% versus 23% say Mr Obama has the better grasp of the subject.

Economist Poll of Economists