Source: EconLog
by Jon Murphy
“As I write this, it’s been about two weeks since the ‘Liberation Day’ tariffs were announced. While nobody expects political economic models to be stellar (see the myriad of ‘economic impact studies’ that come out for any project that just happen to coincide with what the local politician wants to hear), the model released by the USTR/CEA stands out. I, and many others, have already written about its numerous faults. It reads like an undergrad essay thrown together at the last minute following a furious run through Google Scholar rather than a considered scientific recommendation. Further defense by Council of Economic Advisers chair Stephen Miran has been inadequate as well as he continuously misapplies citations and uses discredited models to advance the plan. These are post hoc justifications for a desired policy rather than a policy crafted to solve a real problem.” (04/23/25)