How economic models shape the policymaking landscape
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Dear reader,

At the Prospect, we're committed to exploring what really
makes Washington tick, and what forces at play shape policies that
affect the public.

That's why, for our April print issue
<[link removed]>, we joined forces with
Groundwork Collaborative to investigate the hidden drivers of decisions
in Washington: economic policy models. Though these models-from the
Congressional Budget Office, the Federal Reserve, and outside analysts
like the Penn Wharton Budget Center-hold immense power over what
policies get considered, much of the time they are neither
dispassionate, comprehensive, or even accurate.

In this special issue, we brought together leading economists,
politicians, academics, and reporters to delve into what these models
are, how they acquired their agenda-setting power, and what needs to
change to make them more useful and to make policy better.

To kick off this series, I wrote an overview of how economic models
shape the policy landscape with Rakeen Mabud
<[link removed]>, Chief
Economist at Groundwork Collaborative. We describe how models reinforce,
justify, and calcify particular theories of change above others,
creating a catalyst for insufficient policy. You can read it here.
<[link removed]>

Economist Joseph Stiglitz wrote about how popular economic models often
get the economy wrong
<[link removed]>,
by making simplifying assumptions about the world that do not take into
account observable reality. You can read Stiglitz's piece here.
<[link removed]>

We will be rolling out the rest of the issue throughout the next week.
Click here to read the entire April 2023 issue as it is released.
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READ THE APRIL ISSUE >> <[link removed]>

It's thanks to readers like you that our
newsroom has the resources to do this. You can help support this work by
becoming a member today <[link removed]>.
<[link removed]> All of the reader support we receive
funds our editorial mission: illuminating stories about ideas, politics
and power.

If you're already a member, THANK YOU!

We can't undertake reporting like this without you. And if we don't
do it, there aren't many other places that will. Become a member today
>> <[link removed]>

I WANT TO SUPPORT THIS IMPORTANT WORK >>
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Thanks for being a part of this.

Sincerely,
David Dayen
Executive Editor, The American Prospect

 

 

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