Critics of economists’ models and abstract theories who insist on their own, alternative explanations of economic phenomena are like Molière’s Monsieur Jourdain: instead of speaking prose without knowing it, they concoct and apply abstract economic theories without knowing it.

Evidently, according to @RebelEconProf, I’m one of those clueless academic economists who relies on “abstract” arguments to decide which policies make sense when a surer way is to assume that any policy enough politicians favor can’t possibly be foolish.

First the Sowell Quotes account cheering on tariffs/protectionism, now this. Pretty soon we might see a Hazlitt avatar account tweeting about the economic benefits of broken windows.

Those who claim that the BLS and BEA cook their numbers for political reasons know nothing about how the agencies work or what motivates their employees. And whatever the shortcomings of their statistics, the alternatives those critics sometimes praise are usually _far_ worse.

Those who fall for and alone repeat, claims to the effect that the BLS and BEA cook their numbers for political reasons know nothing about how the agencies work or what motivates their employees. Whatever the shortcomings of these agencies’ statistics, the alternatives are worse.

This paper by Leland Yeager is a fascinating read (including the comments, especially that of Leijhonhufvud): even though there have been some developments since then, much of the discussion reminds me of current debates on how to interpret different theories 1/2

Much recommend Macro Musing episode where @DavidBeckworth interviews @GeorgeSelgin on his latest book: there's a lot to learn about what the New Deal did and didn't achieve, and what where Roosevelt, Hoover, and Keynes position on several macro issues of those times 1/2

In 2012, I was the associate director at the Bureau of Economic Analysis (*not BLS*) and was responsible for preparing the estimates of gross domestic product. Mr. Hassett gets several things wrong here. (1/n) (Thread)

The @BLS_gov plays a crucial role: collecting and analyzing data that shapes decisions across the economy from Wall Street to Main Street. The president might not like them, but revisions to jobs data aren’t scandalous — they’re standard.

Spoiler: You have less financial privacy than you think. The Bank Secrecy Act, born in 1970, now powers a massive surveillance state. @norbertjmichel & @EconWithNick expose its reach, and how to fight back. Listen now to hear their deep dive: