Greg Mankiw posts a selection from his textbook on what economists agree on, from a survey. I am not suprised to see economists overwhelmingly support free trade, as that has been a source of contention between economists and populist politicians. I was a bit suprised by the overwhelming agreement that:
- The United States should eliminate agricultural subsidies. (85%)
- Local and state governments should eliminate subsidies to professional sports franchises. (85%)
- A large federal budget deficit has an adverse effect on the economy. (83%)
- A minimum wage increases unemployment among young and unskilled workers. (79%)
The Heritage Foundation today has more on economists’ opposition to sports stadium subsidies, and why such activities do little to create economic growth.