I’ve posted Entry #42 to my weekly Investing: The New Rules column at the Death by 1,000 Papercuts site. It’s called Economists for Sale: Will Say Anything for Money.
Juicy Excerpt: We had an economics department at the consulting firm I worked at for a time. These nice, smart people would prepare estimates of the revenue effect of tax legislative proposals. This gave the clients something to hand over to legislative aides who objected to a proposal on grounds that the revenue effect might not be the desired one. So far as I know, the revenue effect shown in the “studies” never varied from the one sought by the clients paying the bill. I wonder why.