Bryan Caplan argues, economists mostly agree with each other, as compared to the results of the investigation, the reports to the general public and the economy (SAEE) Americans and economists:
Leading economists to correlate with the dispute is a political ideology and, to a lesser extent, the party affiliation. Liberal conservative Republican economists agree, like taxes, regulation, expected profits and the salaries of company directors and some of the employment-related problems. Conservative economists are also optimistic about the future of the economy and much more. Note the ideological differences are is a testament to the past or the present performance. Economists
cross-party much the same direction, inequality, real income and real wages over the last two decades.
I can not find the agreement in the past very comforting: financial advice is to give good effects in the future. However, I would point out to the ex post evaluation of the differences, the forecasts are an opportunity. In fact, when Bryan's book was published in 2002, a 5-year projections on the timeline had already come and gone. But there is nothing to prevent the from checking now. [Please note, I'm ready after that, until now, with the purpose to put it before exploring the information.] The results below the fold.
SAEE was in 1996 and the following question:
Over the next five years, do you think the average American living standards to rise, or fall, or remain about the same?
The u.s. median household income (inflation-adjusted) rose from 5 in the course of the year, economists and particularly cautious economists anticipated. [ETA: as well as the personal median income.] The forecast after the household median income peaked in 2007, and is now slightly lower than in 1996. [ETA: median personal income is slightly higher, HT Todd Kuipers.]
A single data point for a bit, but if someone assembled at a series of such predictions, it could be very useful to assess to what extent the different ideologies of the empirical elements are "virtual reality-based." Maybe, because such a project would bring to the arrogance of the ideologues in the competing factions hoping to advance, showing their ideological superiority.
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