Comment Re:A sampling of hot button economic issues (Score 1) 305
There are a lot more hot button issues:
Minimum wage laws: The economic theory very clearly concludes that imposing a minimum wage will increase unemployment, and yet the economists couldn't have consistently pinned this effect down in the empirical studies. As a result, a whole bunch of high profile economists supported the last federal minimum wage hike.
Monetary policy: These days a lot of economists have less to say about monetary policy than a janitor who works at a Federal reserve bank. A very vocal and influential wing of macroeconomists embarked on a research agenda trying to build models of economy where "money doesn't matter" in the 70/80s. This resulted in the famous Real Business Cycle model (RBC) of the 70s and 80s, for which Prescott and Kydland have won a Nobel prize. While today a lot of economists disagree with the notion that money doesn't matter, a whole lot of leading departments still churn out macro economists who can't say anything intelligent about the monetary policy. In my opinion, a couple of decades down the road, the Federal reserve may be recruiting people with a non-economics background because of this.
Macroeconomic stabilization issues in general. What to do during the recession? AKA Keynesian economics (more spending/less taxes) vs monetarists (loose monetary policy) vs the do nothing vs lower all taxes crowd.
Corporate Taxes. Many economists argue that corporate taxes hurt the economy, and the conservatives love this idea.
Agricultural Policy: Another hot button issue. Most economists would argue that in the long run the agricultural subsidies and import tariffs and other protections hurt consumers and are costly to the government. And yet, farm bill after farm bill, the US Congress, in non-partisan manner, is happy to send generous portions of pork to the agricultural states.