Paul Krugman and Jonathan Gruber had a very interesting video conversation a few weeks ago, about the (officially) so-called Big Beautiful Bill. Krugman won an Economics Nobel Prize and is the co-author of a famous textbook on introductory economics. Jonathan Gruber participated in the design of Obama’s health care reform and is the author of an excellent undergraduate textbook on public economics. Paul Krugman’s Substack is one of the best resources of the resistance. I strongly recommend it.
The Nobel Prize Joseph Stiglitz has also written numerous
op-eds criticizing the Trump adminstration and his attemps to erode democracy
in the USA. He was one of seven Economics Nobel Prize winners co-authoring an article in French newspaper Le Monde arguing in favor of a wealth tax, a taboo
for those supporting Trump and his tax-cutting policies. Other signatories
included Daron Acemoglu (also author of an introductory economics textbook),
Esther Duflo and Abhijit Banerjee.
I could listen in person to the almost desperate criticisms
of Banerjee to Trump on occasion of a recent visit of his to Barcelona.
Justin Wolfers is one of the economists that has been more
active in the traditional and social media denouncing the policies of the
current US administration. He is also the author of another introductory
economics textbook.
All these textbooks are mainstream, traditional economics
textbooks. Of course, if you use more innovative materials such as those in
CORE, with its focus on fairness (in addition of efficiency), climate change,
inequality and other big global challenges of our time, you would not find any
reason to support the crazy policies of Trump and what is left of the
Republican Party.
This trend has to be put in the context of science, in this
case social science, necessarily being used to resist policies that defy
reason. It is true that 22 Nobel Prize winners endorsed Kamala Harris and that
was of little use.
Economists have moved to the left and the right has moved
further to the right (or to the autocratic and xenophobic wilderness), because
reality has a well-known liberal (progressive, in Europe) bias, as Paul Krugman
says.
How to connect this scientific mobilization with grassroots
and political mobilization is a challenge that cannot be postponed. Climate
change, tariffs, immigration… all these are areas where there is a scientific
consensus in economics that defies the policies of the Trump administration
(and the trumpists beyond the USA) and that aligns with the interests of the
vast majority of citizens.
Strictly economic damage is not the main reason to oppose
Trump, although there is a scientific consensus on the economic damage that his economic
policies will cause. But good economists are not only concerned about purely economic
or financial indicators, they are also concerned about wellbeing and freedom.
These are lessons that one can learn from other Economics Nobel Prize winners
such as Amartya Sen or Kenneth Arrow. Their ideas are today the new orthodoxy
and are more important than ever.