Declining trust in experts across various institutions, particularly in economics, is impacting public confidence and the effectiveness of economists. Recent events, such as the firing of the Bureau of Labor Statistics chief, reflect rising political tensions and accusations against economists. The disenchantment expressed by politicians and voters undermines the traditional role of economists as advisors, complicating their ability to execute their tasks. Current discussions focus on how economists can address these challenges and rebuild trust among the public and political leaders.
Trust in experts has significantly declined across various fields, including government, media, and economics, contributing to a growing disenchantment among politicians and voters.
Economists, once influential advisers to presidents, are now grappling with public distrust that impacts their professional credibility and ability to perform their roles.
The recent dismissal of the Bureau of Labor Statistics head exemplifies the tensions between political leaders and economists, exacerbating the rift of trust in economic data.
Today's episode features conversations with economists about the challenges of rebuilding trust and the psychological effects of widespread skepticism in their field.
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