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Quote of the Week: Adam Posen

Sina Odugbemi's picture

"Some would like to turn the debunking of the fiscal event horizon claim into a cautionary tale about macroeconomic policy advice in general. They would throw up their hands, saying macroeconomic analyses either inherently depend upon too little data to have reliable results, or inevitably will be selectively picked up by ideologues and opportunistic politicians to suit their purposes.

Perhaps both: there will always be some willing economist who can play with the data to provide credible-seeming study to support any given politically influential point of view. This, however, is far too defeatist, if not craven, a conclusion to draw."

Adam Posen – President of the Peterson Institute for International Economics.

Source: Financial Times, April 19, 2013. A healthy dose of reality for the dismal science, by Adam Posen.
Photo Credit: World Economic Forum
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Comments

Submitted by Erika Jorgensen on

Sina:
You have misrepresented Mr. Posen's views. The quote that you extract above requires the sentence that follows it in the original oped to be understood properly. The full quote has quite the opposite meaning:
"there will always be some willing economist who can play with the data to provide a credible-seeming study to support any given politically influential point of view. This, however, is far too defeatist, if not craven, a conclusion to draw."
We are all in trouble if the IIE gives up on economic analysis.

Thanks Erika for pointing that out. I always try to make quotes as short and as crisp as possible. But I agree that in this case the quote does not do justice to the complexity of what the author is saying. So, we are going to start the quote earlier in the piece and end where your excerpt ends. Once again, many thanks!

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