Economists Are Almost Inhumanly Impartial

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Over at 538, a team of researchers takes on the question of whether economists are biased. Given that economists are human beings, it would be pretty shocking if the answer turned out to be no, and sure enough, it’s not. In fact, say the researchers, liberal economists tend to produce liberal results and conservative economists tend to produce conservative results. This is unsurprising, but oddly enough, I’m also not sure it’s the real takeaway here.

The methodology they used to calculate bias involves a series of bank shots. Here’s how it’s done. First, take a group of economists with known ideologies. Second, examine the word choices in their papers. Third, create an algorithm that links ideology and word choice. Fourth, apply the algorithm to a large group of economists. Fifth, examine the numerical results in their papers. Sixth, normalize the results within fields to see how left- or right-leaning their conclusions are. Seventh, plot numerical results vs. predicted ideology.

Whew! There are, needless to say, error bars at every step along the way. Still, you will end up with a regression line eventually, and you can see it in the chart on the right. Sure enough, it shows that liberal economists tend to produce more liberal results, and vice versa for conservative economists.

That, however, is not the conclusion I draw from all this. What I see is a nearly flat regression line with a ton of variance. Those blue dots are all over the place. If the authors say their results are statistically significant, I believe them, but it sure looks to me as if (a) the real-world error bars are pretty big here, and (b) economists as a whole are remarkably unbiased. I mean, look at that chart again. I would have expected a much steeper line. Instead, what we see is just the barest possibility that ideology has a very slight effect on economists’ findings.

If these results are actually true, then congratulations economists! You guys are pretty damn evenhanded. The most committed Austrians and the most extreme socialists are apparently producing numerical results that are only slightly different. If there’s another field this side of nuclear physics that does better, I’d be surprised.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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