We often hear about the importance of scientific consensus, how the science is settled, and we must act now.
Well, here’s another area where there is scientific consensus: economics. As in pure economics – not policy hacks, but economic academics. And the the overwhelming consensus of economists is – freedom works!
Dan Griswold from the Cato Institute presents this handy summary of a study by the American Institute for Economic Research on what economicsts believe, and what is now beyond dispute:
- The economics profession continues to show a consensus in favor of unfettered international trade, as 83 percent agree and only 10 percent disagree that the United States should eliminate remaining tariffs and other barriers.
- Other issues in which the economists reached a strong consensus:
- 82 percent disagreed that the U.S. government should ban genetically modified crops; only 7 percent agreed.
- 78 percent agreed that U.S.-government subsidies for ethanol should be eliminated or reduced, compared to 10 percent who want them increased.
- 72 percent agreed that “A Wal-Mart store typically generates more benefits to society than costs,” versus 15 percent who disagreed.
- 72 percent disagree with the proposition that “Employers in the U.S. should be required to provide health insurance to ALL their employees”; 20 percent agreed.
- 70 percent believe the typical American saves too little; 0 percent believe we save too much.
So. Why is President Obama and congress acting against the scientific consensus?