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Schools of Thought and Economists’ Opinions on Economic Policy

Author

Listed:
  • Luca De Benedictis

    (DED-University of Macerata, Via Crescimbeni 20, Macerata 62100, Italy.)

  • Michele Di Maio

    (Department of Business and Economic Studies, University of Naples “Parthenope”, Via G. Parisi 13, 80133 Naples, Italy.)

Abstract

In this paper we bring to data the hypothesis that differences in economists’ opinions on economic policy are related to differences in the school of thought (SofT) they belong to. Our analysis is based on a unique data set of survey responses from a representative sample of Italian economists. Two are the main results: First, differences in the SofT predict differences in economists’ opinions on economic issues, even controlling for individual, group, and community characteristics, spatial and knowledge heterogeneity, and political orientation. Second, dichotomous categorizations such as Mainstream vs Non-Mainstream or Orthodox vs Heterodox have poor explicative power as for economists’ disagreement on economic issues.

Suggested Citation

  • Luca De Benedictis & Michele Di Maio, 2016. "Schools of Thought and Economists’ Opinions on Economic Policy," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 42(3), pages 464-482, June.
    • Handle: RePEc:pal:easeco:v:42:y:2016:i:3:p:464-482
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    Citations

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    Cited by:

    1. Martin Mosler & Niklas Potrafke & Markus Reischmann, 2019. "How to Handle the Fiscal Crisis in Greece: Empirical Evidence Based on a Survey of Economic Experts," Fiscal Studies, John Wiley & Sons, vol. 40(3), pages 375-399, September.
    2. Jorge L. Andere & Jorge Luis Canché-Escamilla & à lvaro Cano-Escalante, 2020. "Consensus and Dissension among Economic Science Academics in Mexico," Economic Thought, World Economics Association, vol. 9(2), pages 1-23, December.
    3. Maite D. Laméris & Richard Jong-A-Pin & Rasmus Wiese, 2018. "An Experimental Test of the Validity of Survey-Measured Political Ideology," CESifo Working Paper Series 7139, CESifo.
    4. Marina Riem, 2017. "Essays on the Behavior of Firms and Politicians," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 73.
    5. Christoph Schinke, 2016. "Wealth and Politics: Studies on Inter Vivos Transfers and Partisan Effects," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 67.
    6. Ha Quyen Ngo & Niklas Potrafke & Marina Riem & Christoph Schinke, 2018. "Ideology and Dissent among Economists: The Joint Economic Forecast of German Economic Research Institutes," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 44(1), pages 135-152, January.

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