The Marginal Value of Economists
This chapter studies how Donald Trump directly challenged the core beliefs of conservative economists during the campaign, almost gleefully dismissing many of their core beliefs and openly spurning their advice. Indeed, just as he attacked the belief of national security conservatives in international alliances, Trump challenged the core creed of the economics discipline which held that an expanded scale of markets—for goods, capital, and people—was essential to economic growth and human flourishing. Rather than envisioning a world in which economic interdependence makes all nations wealthier, Trump advanced a darker vision in which America was constantly exploited by other nations, a trend that he would counter by making “great deals” that put “America first.” Republican economists had every reason to fear Trump and what he was doing to the party, yet they responded by keeping their distance. Unlike national security professionals, there has been little to no collective action by economists.