More than a dozen Nobel laureates in economics have endorsed Democratic nominee Joe Biden for president, saying that his support of science-backed public health solutions amid the coronavirus pandemic “will result in economic growth that is faster, more robust, and more equitable.”
The 13 economists issued a joint letter supporting “the economic principles and policies” put forward by the Democratic nominee released early Tuesday by the Biden campaign.
“While each of us has different views on the particulars of various economic policies, we believe that Biden’s overall economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness and be vastly superior to the counterproductive economic policies of Donald Trump,” the group of economists wrote.
The laureates agreed that Biden’s proposed economic agenda will “do far more” than President Donald Trump’s to increase the economic strength and wellbeing of the nation and its people.
Among the economists endorsing Biden in the letter was 2016 winner Edmund Phelps, who wrote an op-ed published Monday ripping Trump’s record on economic policy, suggesting that the President set “a precedent for unnecessary deficits in future administrations.”
Other Nobel winners undersigned in the letter include William Nordhaus, a 2018 laureate and Yale professor who has written widely about the financial cost of climate change; and Paul Romer, also a 2018 laureate and NYU professor who made the case for widening COVID-19 testing to get people back to work.
The group said that it is Biden’s scientific approach to COVID-19 — that his opponent has continuously sought to ignore and undermine in his leadership amid the coronavirus crisis — that makes Biden the better choice to lead the nation out of a pandemic-ridden economy.
“Throughout the coronavirus crisis, Biden has recognized that science-based, public health solutions are critical not only to saving lives, but to any viable strategy to restore economic confidence, recovery, and jobs,” the economists said.
They added that: “Simply put, Biden’s policies will result in economic growth that is after, more robust, and more equitable.”
The letter follows an analysis released last week by Wharton that also favored Biden’s economic agenda for the country.