• Binyamin Appelbaum, New York Times editorial writer and author of the Economists’ Hour, discusses economists’ influence on US public policy since the late 1960s.
• Economists argued that if their advice was followed; the economy would grow more quickly, the benefits would be broadly distributed and that democracy would be strengthened by relying on markets. But history hasn’t played out this way.
• Examples of economists influencing policy are; the ending of mandatory conscription into the US army, deregulation of the transport and telecoms markets, the Fed’s shift in monetary policy from unemployment to inflation, support for globalisation and shifting anti-trust legislation towards a narrow focus of consumer welfare.
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