US Economic Experts Panel

The Clark Center for Global Markets explores economists’ views on vital policy issues via our US and European Economic Experts Panels. We regularly poll over 80 economists on a range of timely and relevant topics. Panelists not only have the opportunity to respond to a poll’s statements, but an opportunity to comment and provide additional resources, if they wish. The Clark Center then shares the results with the public in a straightforward and concise format.

Please note that from September 2022, the language in our polls will use just two modifiers to refer to the size of an effect:

  • ‘Substantial’: when an effect is large enough that it would make a difference that matters for the behavior involved.
  • ‘Measurable’: when the direction of the effect is clear, but perhaps experts would differ as to whether it is substantial.
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College Admissions

Question A:

The admission of children of alumni and donors at elite private colleges and universities crowds out applicants with greater academic potential.

Question B:

The net effect of admitting children of alumni and donors (including any impact on donations and any losses of other high potential applicants) is likely to be a reduction in the contribution of colleges and universities to society.

 
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Wealth Taxes

Question A:

Senator Warren’s proposed wealth tax would be much more difficult to enforce than existing federal taxes because of difficulties of valuation and the ways by which the wealthy can under-report their true wealth.

Question B:

If successfully enforced, Senator Warren’s proposed wealth tax would substantially decrease the share of wealth going to the top 0.1% of wealth-holders after 20 years.

Question C:

A public policy goal that could be accomplished with a well-enforced wealth tax could be equally accomplished with modifications to existing federal taxes – for example, revising the estate tax and/or capital gains tax.

 
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Breaking Up Large Tech Companies

This week’s IGM Economic Experts Panel statements:

A) Forcing Amazon to divest Whole Foods now would be in the public interest.

B) Acquisitions by large tech platforms where there are risks of anti-competitive effects like those posed by Amazon’s acquisition of Whole Foods should not be permitted.

C) Large tech platforms, such as Amazon Marketplace and Google Search, should be designated as ‘platform utilities' and broken apart from any participant on that platform. 
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Modern Monetary Theory

‘Modern monetary theory’ (MMT) – the idea that a country that is able to borrow in its own currency need not worry about government deficits and debt – has been all over the economics and finance media in recent weeks. This approach to macroeconomics, which has been used to underpin calls for new public spending programs, has been debated widely in newspaper columns, blog posts and tweets – often in quite vitriolic ways.

 
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Subsidies to Attract Businesses

This week’s IGM Economic Experts Panel statements:

A) When local governments compete by offering subsidies to a firm that is willing to relocate, and shopping across multiple alternative areas, the firm typically captures most of value that is created via the relocation.

B) A federal prohibition against states and municipalities offering tax subsidies to attract specific businesses that are shopping across multiple areas to relocate would be welfare improving for the average taxpayer. 
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US Healthcare: Prices vs Quantity and Quality

This week's IGM Economic Experts Panel Statement:

The US spends roughly 17% of GDP on healthcare, according to the OECD; most European countries spend less than 12% of GDP.

Higher quality-adjusted US healthcare prices contribute relatively more to the extra US spending than does the combination of higher quantity and quality of US care (interpreting quantity and quality to reflect both greater American healthcare needs due to underlying population health and the delivery of more or better healthcare services to Americans).