Economists Have Lost the Trust of Politicians

Not so long ago, politicians had “favorite” economists. Margaret Thatcher’s was Milton Friedman. John F. Kennedy’s was probably John Kenneth Galbraith. President Bill Clinton had a Nobel Prize-winning economist, Joseph Stiglitz, in residence at the White House for his entire first term and was said to light up at the mention of John Maynard Keynes.

You don’t hear of many favorite economists today. Political leaders still have economists around, but it’s difficult to remember the last time one publicly and proudly followed their advice. Donald Trump, as ever, is the extreme case. He seems to take some pride in doing the exact opposite of what mainstream economists would prescribe—on the wisdom of trade wars, say. But if the economics profession were being honest with itself, it would have to admit that the problem goes deeper than the gleefully heterodox President Trump.