Why are economists losing influence in today's political landscape?
Barack Obama, turned to Kimberly Clausing, a former member of the Biden administration and author of a book extolling the virtues of free trade.
«Everyone in this room agrees with your book,» Furman said. «No one outside of this room agrees with your book.»
The academics and policy wonks gathered in the hotel conference room laughed, but the comment captured something real: After decades of helping shape policy on weighty matters such as taxes and health insurance, economists find that their influence is at a low ebb.
Free trade is perhaps the closest thing to a universally held value among economists, yet Americans just voted to return to office a president, Donald Trump, who has described tariffs as «the most beautiful word in the dictionary» and who often seems to view trade through a mercantilist lens the field has considered outdated since the days of 18th-century economist and philosopher Adam Smith.
The president Trump will replace, Joe Biden, was hardly a free-trade zealot himself: He kept in place many of the tariffs that Trump imposed in his first term, and moved in his final days in office to block the takeover of U.S. Steel by a Japanese company — a decision his own economic advisers opposed.
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