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Wednesday, February 18, 2009

What do Economists Agree On?

Greg Mankiw posts a selection from his textbook on what economists agree on, from a survey.  I am not suprised to see economists overwhelmingly support free trade, as that has been a source of contention between economists and populist politicians.   I was a bit suprised by the overwhelming agreement that:

  1. The United States should eliminate agricultural subsidies. (85%)
  2. Local and state governments should eliminate subsidies to professional sports franchises. (85%)
  3. A large federal budget deficit has an adverse effect on the economy. (83%)
  4. A minimum wage increases unemployment among young and unskilled workers. (79%)
The Heritage Foundation today has more on economists' opposition to sports stadium subsidies, and why such activities do little to create economic growth.

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