Palin is a savvy reader of where the grass-roots conservative mind is going, so if she is starting to move the goalposts on attacking Bernanke, there's probably a larger move going on. And I'm curious to watch this battle unfold between the far right and the center right.
In some ways the past two decades in economic research has been a summer time for the left. New research suggests the minimum wage isn’t as bad as suspected. Supply Side economics has been abandoned by its founders. Behavioral economics presented evidence that people could be better off with a more tightly designed safety net, as opposed to a simple negative income tax.
However, you shouldn’t forget how easy it is to dismiss the experts when they say things that contradict your core convictions. Economists still remain united that outsourcing of U.S. jobs is a net good. We see rent control as detrimental to the interests of the poor and think growing economies by buying local is a fool’s errand.
After hearing those statements it’s easy to think that these are the musings of detached academics who don’t know what it’s like for real people out there. In other words, to start echoing the far right wing, that wants to End the Fed.
The solution in all cases is to keep the conversation going. We’ll convince Tea Partiers that the gold standard is bad in the same way that we’ll convince locavores that Chilean grapes are good: logic, evidence and a dogged insistence on keeping the lines of communication open.
I can already hear some snickering at my naivety and blind faith in persuasion. It’s not that I think persuasion can do anything; it’s that I think closure can accomplish almost nothing.
Karl Smith is an assistant professor of economics and government at the University of North Carolina and a blogger at ModeledBehavior.com.
Posted by: MosBen | November 10, 2010 2:42 PM | Report abuse
Posted by: AZProgressive | November 10, 2010 2:55 PM | Report abuse
Posted by: 54465446 | November 10, 2010 3:44 PM | Report abuse
Posted by: GBMcM | November 10, 2010 4:13 PM | Report abuse
Posted by: AgaBey | November 10, 2010 4:44 PM | Report abuse
Posted by: justin84 | November 10, 2010 11:56 PM | Report abuse
Posted by: justin84 | November 10, 2010 11:57 PM | Report abuse
Posted by: BottyGuy | November 11, 2010 8:49 AM | Report abuse
Posted by: malcolmrobinson | November 11, 2010 9:05 AM | Report abuse