Sunday, March 6, 2011

06/03/2011: Kauffman survey of economics bloggers

Kauffman Foundation - non-partisan US-based research think tank studying the issues of entrepreneurship. It describes itself as: "dedicated to the idea that entrepreneurship and innovation drive economic growth". The foundation released their quarterly survey results for Q1 2011 on the opinions and policy positions held by the US-based top economics bloggers.

You can access the survey paper from here and believe me - IT IS WORTH READING!

Here are the highlights:
  • The survey was conducted in mid-January 2011 by soliciting input from top economics bloggers as ranked by Palgrave’s
  • Economics bloggers are less pessimistic in their outlook on the U.S. economy than they were at the end of 2010, though 77% believe overall conditions are mixed, facing recession, or in recession.
  • "For an economy in which growth is the norm, 31% of respondents think that the U.S. economy is worse than official statistics indicate, and only 10% believe it is better".
  • When asked to describe the economy using five adjectives, "uncertain” remains the most frequently used term.
  • "Although the panel is largely non-partisan, a 3:1 majority of top economics bloggers believe the government is too involved in the economy."
  • The top policy recommendation is for the government to “reduce regulatory burdens and fees on new firm formation” and “approve trade agreements with South Korea, Colombia, and Panama,” with 92% support. So free trade and lesser burden on business formation. "Promoting entrepreneurship is a consensus agenda among policymakers".
  • Only 32% agree with a policy of “subsidizing new firm formation with targeted spending and tax benefits,” with 68% disagreeing (24% strongly).
  • The alternative option to “reduce regulatory burdens and fees on new firm formation” is favored by 92% of respondents.
  • "Rather than recommending that the government get more involved in helping entrepreneurs, top economics bloggers recommend it simply do less to hinder them."
Now some most excitingly interesting charts:

First: how balanced / non-partisan the panel is:
Oh, sorry, yes, Americans do have some serious talent amongst the bloggers and they tend to come from all 3 sides of economics thinking: Left, Right and purely objective 'quantifiers'.

Another one for us, Europeans. Remember the hoopla surrounding the high-sounding principles, but bad economics (yes, the Congressional Budget Office analysis has proven it to be 'bad economics') of the Obama Healthcare bill? Here's the verdict of the economists:
Ouch: 55% say "Repeal" the beast, 71% say "Don't tax the benefits".

Now more goodies for us, Europeans - how do the US economists rank performance of the ECB?
No "A" marks for ECB, Average mark is solid "D". Only US Congress and the Wall Street score less than the Euro-guardian.

Fascinating results!
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