Abhijit V. Banerjee and Esther Duflo
Conventional economic models often fail to solve modern crises, but rigorous empirical data reveals that immigrants do not steal jobs, free trade creates clear losers, and tax cuts rarely drive growth.
Contrary to popular belief, empirical evidence demonstrates that low-skilled immigrants do not depress local wages or displace native workers because they also act as consumers who stimulate local job creation.
The theoretical benefits of free trade overlook the reality of human stickiness, as displaced workers typically remain in declining industrial regions rather than relocating for new economic opportunities.
Economists fundamentally lack a proven formula for generating macroeconomic growth, and historical data confirms that slashing marginal tax rates for the wealthy does not reliably stimulate the wider economy.