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The Economic Consequences of Populism
The economic costs of populism have been little researched. Does it make a difference for a country if a populist is in power? How does the economy develop when populists take office? Initial answers can be found in a comprehensive new study we recently published in the prestigious journal American Economic Review.
The economic costs of populism have been little researched. Does it make a difference for a country if a populist is in power? How does the economy develop when populists take office? Initial answers can be found in a comprehensive new study we recently published in the prestigious journal American Economic Review.
The findings were grim. Although, on the surface, populist leadership may seem to have mixed economic effects, we found that most populists weaken a state’s economy, especially in the long run. They do so in large part by undermining the rule of law and by eroding political checks and balances. Our study makes clear that although populists may sell themselves as the solution to a country’s ills, they tend to make life worse. Populists, in other words, hurt the “real people” they claim to be saving.
The economic costs of populism have been little researched. Does it make a difference for a country if a populist is in power? How does the economy develop when populists take office? Initial answers can be found in a comprehensive new study we recently published in the prestigious journal American Economic Review.
The findings were grim. Although, on the surface, populist leadership may seem to have mixed economic effects, we found that most populists weaken a state’s economy, especially in the long run. They do so in large part by undermining the rule of law and by eroding political checks and balances. Our study makes clear that although populists may sell themselves as the solution to a country’s ills, they tend to make life worse. Populists, in other words, hurt the “real people” they claim to be saving.
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