Sunday, July 15, 2012

Does Ruppert Murdoch Corrupt Economists?

Alan Meltzer is a prominent economist who is provided with a platform by Ruppert Murdoch's WSJ to write opinion articles that have no basis in fact.  One economist criticized Meltzer's opinion article and suggested the Meltzer was corrupted by Murdoch.  It is true that Murdoch provides platforms for Meltzer and many other prominent economists, e.g., Greg Mankiw and Robert Barro, to write opinion articles that are based upon theory rather than fact.  On the other hand, that is like arguing that prostitutes are corrupted by the availability of bedrooms.  Prostitution is one of the world's oldest professions, but it has always been part of the tradition in economics.  Given the relationship between economic ideas and politics it could not be otherwise.  The good news is that we are still able to hold the prostitutes accountable when their claims are not supported by data.

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