A stellar group of economists has penned a letter backing Joe Biden, noting that while their views are different, they all think Biden’s policies “will result in economic growth that is faster, more robust, and more equitable.”
The leading economists (which stem from sub-fields ranging from behavioral economics to climate economy to social policy) point to Biden’s science-based approach and suggest that his economic policy is demonstrably better.
“Throughout the coronavirus crisis, Biden has recognized that science-based, public health solutions are critical not only to saving lives, but to any viable strategy to restore economic confidence, recovery, and jobs,” they continued. “Similarly, on issue after issue, Biden’s economic agenda will do far more than Donald Trump’s to increase the economic strength and well-being of our nation and its people.”
As Axios points out, when economists endorse a high-level political candidate, it can often be seen as “veiled job applications from academics hoping for a Fed or White House position” — but when we’re dealing with established researchers who have accomplished anything there is, it’s hard to see it as more than a letter of genuine support, or an attempt to go on record saying ‘this candidate is better than that one economy-wise’.
The letter is particularly striking as these economists have had different views and approaches when it comes to the economy, they all reached the same conclusion for this particular election. For instance, George Akerlof’s work on identity economics and the social impact of abortion was widely cited by conservative and Republican-leaning analysts and commentators. Joseph Stiglitz, who received the 2001 Nobel Prize in Economics along with Akerlof has advised American president Barack Obama, but has criticized Obama’s financial-industry rescue plan, saying that whoever designed it is “either in the pocket of the banks or they’re incompetent.”
Richard Thaler’s Nobel-winning work focused on behavioral economics, while William Nordhaus was awarded the prize for his work on the economy of climate change. The letter’s full signatory lists features the following economists: George Akerlof, Peter Diamond, Oliver Hart, Eric Maskin, Daniel McFadden, Roger Myerson, William Nordhaus, Edmund Phelps, Paul Romer, Robert Solow, Michael Spence, Joseph Stiglitz, and Richard Thaler.
This isn’t the first letter of support from the sciences that made waves in this election. Last week, Scientific American endorsed Joe Biden — the first endorsement in the publication’s 175-hear-old-history. The publication cited Donald Trump’s rejection of science and evidence as the main reason.