We all know that economists and the public differ in their views, but a recent study by Northwestern economist Paola Sapienza and Chicago economist Luigi Zongales (Economic Experts vs. Average Americans) quantifies those distinctions, providing a good entry into policy discussions. It concludes that a panel of top economists and public opinions differ about 37 percent of the time. They provide a table with additional comments, which can make a great resource. I plan to incorporate it into class by asking students to characterize the differences, and to see if (1) they agree with the public or the economists, and (2) if they can explain the reasons why. There is a summary article in the Economist Magazine, www.economist.com/blogs/freeexchange/2013/01/economists, but I would suggest exploring the Chicago website (http://www.igmchicago.org/igm-economic-experts-panel) for the original material. For those using my Principles text book (which is now out in the 9th edition) It would be useful to use at the beginning of a Principles of Economics class or as a reference to Chapter 23, “Microeconomic Policy, Economic Reasoning, and Beyond.”
First Published : January 17, 2013