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medicine advanced, economics didn’t.
If medicine had gone the same route as economics, going to the hospital would be a lot like this:
Look, I’ve read my fair share of studies on fiscal policy, and I hate to break it to you, but most are fairly moderate. Most don’t think we should spend ALL GDP (or near all) from gov’t, but they also do agree that, according to the data, some domestic programs can have a stimulating effect. It depends on many factors, and to deny ANY stimulus effect and pretend like we should ALWAYS cut taxes or not regulate is just plain stupid. Is this how a Cato Institute fellow keeps his job, by never admitting when he’s wrong about government intervention? By pretending like laissez-faire works when we tried it, it doesn’t, and SOME regulations kind of do help society?
I mean, I am a pretty libertarian guy, but I have been mugged by reality to some extent by actual peer-reviewed studies on fiscal policy. They’re not exactly in accordance with laissez-faire “do absolutely nothing” viewpoints. Plus, actual surveys of economists’ views on various economic policies shows that they’re not quite as “free-market” as we all would like to believe. Most do favor things like some domestic programs, food stamps, some welfare, etc. Now, you could chalk some of that up to a lot of economists simply being liberal ideologically, but I’d like to think that a good chunk of them, if not most, have also found their views to have been vindicated by their research over time. Who knows
And what if most economists are Keynesians not because they’ve “stuck with it” due to politics but because the ACTUAL DATA vindicates these beliefs? Then what, Dan? Will you admit being laissez-faire was wrong and that SOME gov’t spending does work?
Maybe the fact that most economists are not “free market” isn’t because of simple politics but because the research just isn’t there to support it? Just a thought
Government CAN sometimes be a drag on the economy, but to say that ALL spending drags us down is just nonsense. It’s like saying “all regulations are bad.” It depends on WHAT regulations you’re talking about, although there are a lot of bad regulations nonetheless.
@ Brandon
When did we try laissez-faire? (Careful answering that one, you’ll expose you utter lack of knowledge about what you’re talking about).