By The Numbers

10 Things Economists Believe

Chart Data

Where they agree
Rent control limits quantity/quality of housing93 %
Tariffs and quotas reduce economic welfare93 %
The United States should not restrict employers from outsourcing work to foreign countries.90 %
Floating exchange rates are effective international monetary policy90 %
The United States should eliminate agricultural subsidies85 %
The gap between Social Security funds and expenditures will become unsustainably large within the next fifty years if current policies remain unchanged85 %
Large federal deficits adversely affect the economy83 %
Welfare should be administered as a negative income tax79 %
A minimum wage increases unemployment among young and unskilled workers79 %
Taxes and permits are a better way to control pollution than pollution ceilings78 %

Although there may be broad disagreement among economists on certain issues, over the years a consensus has emerged on a number of key policy issues. Above are 10 propositions and the percent of economists surveyed who agree with them, from Principles of Economics by N. Gregory Mankiw.