8 ms·
Summers: "Like experts in many fields who give policy advice, the authors show a preference for first-best, textbook approaches to the problems in their field,
by aab0 11y ago
Summers: "Like experts in many fields who give policy advice, the authors show a preference for first-best, textbook approaches to the problems in their field, while leaving other messy objectives acknowledged but assigned to others.
In this way, they are much like those public finance economists who oppose tax expenditures on principle, because they prefer direct expenditure programs, but do not really analyze the various difficulties with such programs; or like trade economists who know that the losers from trade surges need to be protected but regard this as not a problem for trade policy."