Moreover, planting seeds can include helping to reshape ideas to make them better or less bad. Moreover, to the degree you are seen as a plant waterer and a seed planter then you will be considered a more credible and committed part of the team and thus be more likely to be believed. No one needs to check anything with you or listen to you, let alone do what you say. But it also has some characteristics of an internal think tank. Give the President and the team the sense that, based on economic theory and evidence, Option A would be a 10, Option B would be a 7 and Option C would be. I was surprised when President Obama thought it was worth doing despite the political cost. I took a pass on a few issues (and sometimes it was even noticed; a friend once remarked to me that he noted one particular issue the Administration supported we had not defended in any CEA documents). Franais (Canada franais (France) galego, hrvatski, indonesia isiZulu slenska, italiano, kiswahili latvieu lietuvi magyar. And remember, many of the non-economists around you have substantial policy experience and just because some of the economic rationale does not make sense does not mean the idea itself should be rejected.
It depends on how you use. What you do not have is any statutory powers or responsibilities (okay, you have one responsibility: issuing the annual Economic Report of the President). Conversely, I became interested in one of the smaller issues the country faced: a shortage of spectrum for mobile broadband. Finally, ideas matteryou can help to advance them. They might decide on Option A because it is the best possible. I did my job in providing the input into the decision. Even if you genuinely know a lot of politics, you also know that one of the central insights of economics is comparative advantage. So do read the room.
Arguably the most important economic and domestic issue we faced in the Obama Administration was immigration reform (I say arguably because there is also a case for climate change). The CEAs first claim on attention is the policy processes and the policy agenda. You are not just there to tell him what he should want to accomplish but also to help him get it done. My economic (and moral) view on immigration is relatively simple: More is better. When he said this for the fifth or sixth time, I asked if the ideas were actually each stupider than the last or if this was just a superlative. The President has a lot that he wants to accomplish. One caveat: You do have scarce time, and in order to provide advice into better policy you need to use that time wisely. Second, it is better to plant seedsbut be prepared to pull some weeds. Or they might even decide that Option C is better than nothing.
Many of these ideas got picked up by other researchers, by the policy community, and in some (but not all) cases directly shaped the Administrations agenda. What does it mean to convey the economics? You should be more focused on the more satisfying and important job of planting seeds, coming up with good ideas that are responsive to the legitimate desires and goals of the person that got about 80 million more votes than you have ever gotten. If people think you have some useful insights or inputs, might be right in what you say, and are generally a helpful member of the team, then you just might be able to shape some of the most important. Ideas matter, and you can affect them, both for today but also over the longer term, heeding Keyness advice that people in power are often listening to defunct economists. There are always a lot of political people around any decision tableincluding the President who actually was electedso it would be a shame if you did not convey the economics. When I was at CEA, the majority of our work was not reports saying Administration Policy X is amazing but instead writing reports and giving speeches on topics like competition, labor force participation, inequality, productivity, high frequency macroeconomic measurement, and other matters.
But you are not in an economics seminar anymore; you are at meetings in the West Wing. Helping prevent truly harmful policies is an important contribution, but if you only spend your time ineffectually imposing imperfect ideas, that is hardly a good enough reason to upend your life and move to Washington. Other times I saw him reject what I thought was the best policy because he thought the gains were small and would interfere with something else that was even more important. If you think the data does not support an argument or a policy, you should make sure that those making decisions understand that, but do not release a report. I put a lot of effort into a solution that involved broadcasters selling their scarce spectrum to mobile broadband. I had no problem losing on the issue. This effort will only work to the degree it is credible.
The complexities of the issue were not analytic or substantive but politicalwhat groups go in what sequence and packaged in what way with other policies. But nothing about this power is automatic or happens by virtue of the nice office you now have. You now have a prestigious job, a wonderful title, and a beautiful office. What is important is that they have the information. I did not have much to add to any of that but to the degree I could do anything to help move the immigration ball forward a little I was happy to do itmaking a small contribution to a big issue. But then I appreciated the value of this attitude when I saw him ignoring what a political adviser might tell him about the economics of a tax policy. Or they might find that it is politically impossible or trades off against other objectives and go with Option B instead. This embodies a mentality some economists have in government, which is that everything going on around them is imperfect, often motivated by some incoherent non-economic thinking, and thus should be opposed.
You can do that by writing reports, helping to persuade the economic policy community, developing good arguments and killing bad ones. Dear Council of Economic Advisers Chair, Congratulations! You do have one power: the opportunity to persuade. Svenska, ting Vit, trke). English (United States espaol (Espaa espaol (Latinoamrica) euskara, filipino. You do not want to be the sort of person who might seem powerful because they support winning positions in meetings but really is a powerless predictor and sycophant of wherever the decisions themselves are going.
I would like to think that I made a big contribution on this small issue. If you are the sort of economist who gets hired as Chair of the Council of Economic Advisers (CEA you are probably more politically knowledgeable and interested than 95 percent of economists. When I was in government, I knew one economist at Treasury who would look at every tax policy idea the White House came up with and say, That is the stupidest idea I have ever seen. Moreover, done right, advancing ideas complements your other workas long as you do not do it in a political manner, use it to help plant seeds (the weeding is better left to internal memos it makes you more. In some cases these economists seem fine with the glorious loss: I warned them, I told them it was an imperfect idea, but they didnt listenso it is not my fault and dont blame. I was going to drop it from a memo but was encouraged to keep it just in case. Melayu, nederlands norsk polski, portugus (Brasil portugus (Portugal) romn, slovenina slovenina srpski (latinica suomi. These five tips might help: First, you were not hired for your political advice.
And there definitely are some weeds that sprout up from time to time. Third, often one of your best contributions is watering the plants. There may be good reasons for any of these decisions.
Magazine Convey the Economics. A CEA chair is not a political adviser. Just give the President the information he needs to make a good decision. By Jason Furman from February 9, 2021, 2:20 pm 8 MIN read. Possibility of time travel, there will be a difference of opinion between two different temporal parts of you, the stage that started reading and the subsequent stage that. We would like to show you a description here but the site wont allow. Dies ist insbesondere bei der Einbindung von Meinungsfhrern in Marketing- und Kommunikationsstrategien zu bercksichtigen. Dieses knappe Angebot stand folglich einer deutlich greren Anzahl von Konsumenten beziehungsweise Kunden gegenber. Dadurch wiederum lassen sich die Erwartungen weiterer Konsumenten beeinflussen. Other times I saw him reject what I thought was the best policy because he thought the gains were small and would interfere with something else that was even more important.
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