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Econ Bloggers Are Gloomy

The Kauffman Foundation yesterday published its Fourth Quarter Economics Bloggers Survey. The report summarizes the views of the “top economics bloggers,” a label that generously includes The Capital Spectator, or so the Kaufmann Foundation opines. In any case, the overall view is rather dark, a bit darker than the current outlook on these pages. In fact, the survey’s general tone is the darkest yet, relative to previous responses in this poll. The accompanying press release for the report notes that the “respondents’ outlook on the U.S. economy is more pessimistic than in any previous quarterly survey in 2010, with 99 percent saying that conditions are mixed, facing recession or in recession. When asked about the probability of a double-dip recession in the United States, the average response is a 41 percent probability; two-fifths see a 20 percent probability, and opinion declines toward higher probabilities.”

A few highlights from the survey…

The majority of bloggers (64%) polled in the survey say the overall economic condition at the moment is “mixed.”

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Looking ahead 3 years, the bloggers overwhelmingly expect global output, inflation, budget deficits and real interest rates, among other variables, to rise.

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42% of bloggers say there’s a 20% chance of a double-dip recession in the U.S. Slightly more than half of respondents believe the odds are even higher for a new downturn.

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Originally published at The Capital Spectator and reproduced here with the author’s permission.

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Edwin G. Dolan is an economist and educator with a Ph.D. from Yale University. Early in his career, he was a member of the economics faculty at Dartmouth College, the University of Chicago, and George Mason University. From 1990 to 2001, he taught in Moscow, Russia, where he and his wife founded the American Institute of Business and Economics (AIBEc), an independent, not-for-profit MBA program. Since 2001, he has taught at several universities in Europe, including Central European University in Budapest, the University of Economics in Prague, and the Stockholm School of Economics in Riga, where he has an ongoing annual visiting appointment. During breaks in his teaching career, he worked in Washington, D.C. as an economist for the Antitrust Division of the Department of Justice and as a regulatory analyst for the Interstate Commerce Commission, and later served a stint in Almaty as an adviser to the National Bank of Kazakhstan. When not lecturing abroad, he makes his home in San Juan Islands, Washington.

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