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NY Times Editorials On Economy Edge Out WSJ In Mediaite Survey Of Top University Economists

» 40 comments

When it comes to offering solutions for our nation’s economic woes, there may be no more stark contrast than the editorial pages of the New York Times and the Wall Street Journal. The Times focuses on cutting spending while raising tax revenue while The Journal editors believe the answer lies more in closing tax deductions while “slashing personal tax rates.” So who is right? We thought it would be interesting to ask top economists (deans and top professors) from the top 50 business schools as ranked by the US News and World Report.  We sent out well over 120 surveys and received 22 responses to questions related to the media coverage of the economy in what we characterized as an effort to”present a snapshot of top economists.” The Times edged out the Journal 12-9 (one didn’t respond to this question). Not surprisingly, many of the economists wrote detailed responses about broad solutions for boosting the economy which do not fit into a multiple choice answers making “none of the above” the most popular answer to the question about how to best solve the problems. Of the choices made available, small tax increases coupled with significant spending cuts was deemed the most productive avenue to pursue. It was also interesting to note how many economists thought “bias” was the biggest problem with media coverage of the economy.

Here were the questions and the responses that we received from the participants in the (non-scientific) study.


(Editor’s Note: Graphic was updated to note answers that received 0%)

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  • Anonymous

    Non scientific poll with limited response, what can we gain from it?  Not much. 

  • http://www.facebook.com/people/Emma-Thomas/100003357377085 Emma Thomas

    How can you not include ‘More spending’ as an option? We may not like what they may say but it is clearly a crucial question. Omitting that option makes the whole excercise useless.

  • Anonymous

    So why don’t we see the detailed responses?  I am sure they would be more enlightening than either of the editorial boards.

  • Anonymous

    Bernanke and Krugman (to name a few) are university ranked economist and look where that got us! Alien economics is their best work so far!

  • Anonymous

    James Crugnale : you just demonstrated that economists and professors are lefty. Big news. But it proves nothing about who is right, except the liberal bias among academics (it was already true at the times of Herbert Spencer, Frédéric Bastiat or Friedrich Hayek when almost every other economists were socialists).

  • Anonymous

    So what i gathered from these poles is that the solution is “none of the above”. Outstanding, none of the above is something we can all get behind and support.

    Vote NONE OF THE ABOVE 2012

  • Anonymous

    “Deans and Top Professors?” The leaders in Economics are High Priests/gangsters, not scientists(whatever that means anymore).

  • Anonymous

     Yes , look how well that’s working in Britain .

     50p tax rate ‘failing to boost revenues’
    The amount of income tax paid fell sharply last month in the first formal indication that the new 50p higher rate is not raising the expected amount of revenue.
    http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9097219/50p-tax-rate-failing-to-boost-revenues.html

  • http://mediamatters.org/ Leedog

    What did the Bush tax cuts get us??

  • Anonymous

    “NY Times Editorials On Economy Edge Out WSJ In Mediaite Survey Of Top University Economists”
    Yep. leftist extremists are TOTALLY CLOSED MINDED and listen ONLY to other leftist extremists.
    (We already knew that, of course.)

  • http://profile.yahoo.com/FCNTKBCGB5IVWDJXQH2XZX5CQ4 Robert

    WSJ one of the best selling newspapers.NYT going broke.Thats all I need to know about your poll.

  • Anonymous

    I wonder if the European style gas prices will be popular, come 2012.

    STOP THE DEMOCRATS WAR GAS.

  • Anonymous

    There was a fascinating paper in The New Yorker (Ryan Lizza, The Obama Memos) about how in 2008 Lawrence Summers made the case for a stimulus. Every economists but one they interviewed had an opinion about how big the stimulus should have been. Nobody there to say : no stimulus. Those lefty people are insulated. They live in their bubble.

    http://www.newyorker.com/reporting/2012/01/30/120130fa_fact_lizza

  • Anonymous

    That’s not an argument either (sometimes the minority is right). But we could make the case that Obama listens more to the NYT and some lefty economist, and that he despises the american people (who voted for the Tea Party in 2010 with a strong simple agenda : less spendings).

  • Anonymous

    We did! Those options drew zero responses, but we should have noted they at least were asked. Poll graphic updated to note those changes. 

  • http://www.facebook.com/people/Emma-Thomas/100003357377085 Emma Thomas

    ‘Alien economics’ is the sound idea that if we were froced to spend, unemployment would go down. He clearly didn’t mean that literally. If you think that is his best idea, you clearly don’t know what he has been saying for the last four years. It is easy if you want to honestly find out. He has a massively popular blog. If you look it up, you will find the man has been correct about everything for years. Check it out. You will learn stuff too.

  • http://www.facebook.com/people/Emma-Thomas/100003357377085 Emma Thomas

    No, you didn’t. SPENDING INCREASES. It would be amazing if they said ‘no’ to that. If you don’t ask that, I fear this is really a terrible poll.

  • Anonymous

    That’s laughable, Krugman appears with former IMF Chief Economist Ken Rogoff on CNN’s GPS (link provided) where he outlines his “Alien Economics… Krugman gets destroyed by Rogoff who himself is not what I would consider to be a conservative economist.  

    http://globalpublicsquare.blogs.cnn.com/2011/08/12/gps-this-sunday-krugman-calls-for-space-aliens-to-fix-u-s-economy/

  • Anonymous

    Here, you can find volumes of written rebuttal to stimulus.

    http://mises.org/Literature 

  • Anonymous

    Um, it probably had something to do with the fact that thinking economists all AGREED as to the absolutely urgent nature of the stimulus.

  • Anonymous

    Um, it proves that those who dedicate their lives to understanding the economy tend to agree with Democrats’ prescriptions for the economy…

  • http://www.facebook.com/people/Emma-Thomas/100003357377085 Emma Thomas

    Well, I doubt you have the credentials to know if Krugman is ‘laughable’ on the subject of economics. You don’t like his politics. That is not argument.

  • Anonymous

    I see you did not watch the video, In the video before he gets into his Alien Economics rant, he begins talking about how we should have people dig ditches even if only to fill them up again as the stimulative effect to the economy would be advantageous, something that I can see that you would agree with given your previous comments.  His idea is then shot down by Rogoff at which point Krugman actually comes out and says that FDR’s WPA programs did not really work (BTW something similar to what you are calling for) and that it was the build up for our entry into WWII that finally pulled us out of the depression at which point he goes into his Alien Economics rant.  The problem with Krugman’s theory are multifaceted, we are already at 100% debt to GDP so how much debt can we pass to future generations without destroying their abilities to use the resources of government to meet the challenges of their times.  Krugman also fails to recognize that the economies of France, England, Germany, and Japan, the most advanced economies in the world at the time were left in shambles, ours was the only advanced economy after WWII left in tact so we were able to flourish…  there are several other problems with his theories but these are two of the most glaring…  this is the same guy calling for the Keynesian stimulus spending of 2 years ago, and after the money is gone comes out and says “Well they really didn’t do much good for FDR either”..  

    Krugman is what he is…  but he offers no real solutions.  Even Keynes himself warned that his theories presented problems which he was unable to resolve, he warned governments not to take them too far..

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  • http://www.madcharles.com/ MadCharles

    Another blind leading the blind pat on the back from themselves….

  • http://www.facebook.com/people/Emma-Thomas/100003357377085 Emma Thomas

    Look, I am not going to pretend I know more about economics than a Nobel prize winning economist, whatever his politics. If you think you have the credentials or knowledge to challenge Krugman, good for you. You said Krugman never offers solutions. That is completely untrue. He does nothing but.

    Your comments are too long to read. if you want people to read them, you have to cut them down a lot.

  • http://www.facebook.com/people/Neil-Murphy/100000566621491 Neil Murphy

    WSJ is real news.. I cant speak for NYT, but I have heard it describes as “all the lies fit to print”.

  • http://www.facebook.com/people/Neil-Murphy/100000566621491 Neil Murphy

    Muslim my hairy butt, there is nothing he loves more than pork. I thought bushes stimulus plan sucked and was an obvious play for votes  but this stimulus was nothing but a way to make money disappear and a payoff to his cronies in the communist labor unions.

    http://www.facebook.com/l.php?u=http%3A%2F%2Fwww.foxnews.com%2Fopinion%2F2011%2F10%2F25%2Fred-army-behind-occupy-wall-street%2F&h=4AQGBeNqHAQHixKFAl48Iv03zhBmwDkcuoaRqU53b3WMZWA

  • http://www.facebook.com/people/Neil-Murphy/100000566621491 Neil Murphy

    Of course and if Obama was actually trying to stimulate besides the labor union trough it might have worked out better. I also heard a lot about Shovel ready infrastructure jobs. 700 billion dollars later Obama wants money to fix the roads… You CANT make this up, but you can certainly pay people to make it sound good.

    I really like the commercial…”as we all know shovel ready wasnt as ” haahahahaha”shovel ready as we thought” …What 700 billion pissed away amongst friends when its OPM.

  • http://www.facebook.com/people/Neil-Murphy/100000566621491 Neil Murphy

    umm dig ditches just to fill them up again… Just like GM  making Volts for GE, wash rinse repeat. Add tax money every time…Park that sucker on the lot and go get another one.

    These thins are called “widgets” ie a product no one wants or needs but the state pays to have it produced anyway to keep people working. That fact that its sucking every dollar there is down a bottomless hole is just a bonus.

  • http://www.facebook.com/people/Neil-Murphy/100000566621491 Neil Murphy

    OOhh more spending of course. During the debt crisis did you hear Obama say that the social security checks might not come out if we didnt raise the debt ceeiling? I havent paid any money into Chinese Social Security. I paid mine to Obama. And he madde it all disappear. It seems like he pissed away that last 1.2 trillion pretty fast. will need to raise the debt ceiling again before the election,  well I guess if we want to get our checks we will have to go get some more from china. I hope they dont hit us with economic sanctions if wwe do something they dont like (iran)

  • http://www.facebook.com/people/Neil-Murphy/100000566621491 Neil Murphy

    Stimulus, what do we gain from it ? Not much.

  • http://www.facebook.com/people/Emma-Thomas/100003357377085 Emma Thomas

    The stupidity is boundless. First, you should run deficits in a recession. Second, why attack Iran? Why is Iran our enemy? People never think before they repeat the same rubbish ad infinitum.

  • http://www.facebook.com/people/Neil-Murphy/100000566621491 Neil Murphy

    So when israel and iran go to war, are we going to support our ally?  “why is iran our enemy” wow

  • http://www.facebook.com/people/Emma-Thomas/100003357377085 Emma Thomas

    You don’t know why Iran is the enemy of US. No one does. People like Cheney and Bolton know why, but most people never even ask the question. I know why anyone is even remotely interested in the Middle East: oil.

    Thought experiment: would we care if Iran were producing carrots?

  • Anonymous

    Joe Biden recommends we consult Jon Corzine on the economy.

  • http://twitter.com/steveglines steveglines

    Asking business school deans is the dumbest idea I’ve ever seen. Why not ask the chairman of the economics departments instead? After all they spend their lives studying this stuff? Business school deans do not.

  • Anonymous

    If it was just 700 billion pissed away amongst friends, why did the very Republicans who opposed it attend innumerable ribbon cuttings of projects funded by the stimulus, touting their effects on the economy?  

    Perhaps because they are lying hypocrites who have spent their entire careers requesting money for such projects, citing the very stimulative impact of those projects when they do?  And because they only become a a bad idea when they are proposed by a Democrat?

  • http://pulse.yahoo.com/_KRXLVKMVGQVHGTNKH5MAFNNG6A MikeP

    You must be talking about the Obama tax cuts. He also signed those same tax cuts into law. 

  • http://pulse.yahoo.com/_KRXLVKMVGQVHGTNKH5MAFNNG6A MikeP

    The only thing this means is that a majority of university professors tend to teach Keynesian economics instead of Friedman economics. No big deal. 
    We have had Keynesian economics in place for over 1/2 a century. I think the overwhelming belief is that it is a proven failure. 

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