Ideally, in theory, economists should have no political biases and be able to provide neutral and impartial information and recommendations on how to improve the economy of a country. If this was true, it would be relatively easy for elected politicians to then best weigh the possible courses of action and shape policy accordingly.
For the most part, however, this does not happen to be the case. Furthermore, there is a strong relationship between politics and economics as the performance and status of the economy is always a heated debate topic. For example, some may focus on deregulation, privatization and tax cuts, core characteristics inherent in supply side economics. On the other hand, others may prioritize greater economic equality and be willing to use government intervention in order to achieve these ends.
Ultimately, to advocate a policy, politicians use economists and economic research to back their political views. For example, when Reagan - a champion of supply side economics - attempted to "role back the frontiers of the state," there were many economists that were able to provide a justification for the political experiment. Indeed, as long as humans are involved, economics and politics will forever be interconnected.
https://www.economicshelp.org/blog/11298/concepts/the-relationship-between-economics-and-politics/
I agree and think Politics have a lot to do with economics. After all we often blame the president whenever a country goes into an economic recession. Additionally there are many different economic approaches a person in power can take that can impact the economy in a wide variety of ways.
ReplyDeleteI think that a recent example of economics influencing politics is the possibility of Trump being a major contender in the 2020 elections. Although it has been proven that he's repeatedly lied to the public, the current stable economy is a major selling point for future voters, no matter his personality and morals.
ReplyDeleteI definitely agree that economics and politics are interconnected. Though many popular topics and controversial issues regarding our economy can be viewed from solely an economic perspective, reasoning, morals, and relevance regarding the topic always gets tied back to politics due to the fact that we are talking about the economics of the country and dealing with humans.
ReplyDeletePolitics is definitely apart of economics especially in how the United States makes their policies regarding taxes and other economic decisions like funding for the military and schools. Instead of looking directly at the statistics and facts, people often factor into how policies would affect themselves directly. Those who want lower taxes on the rich may not realize how it will only benefit themselves and the middle class would bear the burden of it. If it were only economics, the market would be much simpler. In the San Francisco 2.0 documentary we saw how politics was tying into how supply and demand was functioning. Although the matter of taxing companies like Airbnb is an economic issue, it was turned into a political one.
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