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After years of stressing the importance of evidence-based policymaking, economists have clearly had some influence on politicians. What economists now need to do is to impress upon those same politicians that citing any evidence before adopting any policy is not evidence-based policymaking at all.The truth is that the policy was a politically motivated effort to win public support by engineering short-term growth (at the cost of driving inflation to a nine-year high of 12 percent).Likewise, U.S. President Donald Trump cites simplistic trade-deficit figures to justify protectionist policies that win him support among a certain segment of the U.S. population. In reality, the evidence suggests that such policies will hurt the very people Trump claims to be protecting.To find the truth, one would need, at a minimum, data on who else tried to create jobs, and how.By dismissing the views and opinions of ordinary people, economists may miss out on crucial insights.People's everyday experiences provide huge amounts of potentially useful information.
Central banks must work together or suffer alone
Facing the challenge of
reviving India’s economy
Obama and the $400,000
Wall Street question
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