Senior fellow and super-economist Dr. Paul Prentice recently wrote a letter to the editor that was published in the Colorado Springs Gazette. In it, he raises two important points: one, that there is a meaningful difference between opinion and news. Second, that there are more schools of economics out there than just Keynesian and ultra-Keynesian. His letter was in response to a Gazette cover story titled, “Economists Support Obama Plan.” As you might imagine, the article presented as news the idea that all of today’s economists (that are worth a darn) believe that Obama’s jobs plan is good and will help turn the economy around. This is where Dr. Prentice points out his two key points.
All the economists quoted in the story come from one school of economic thought, one school among many, who believe in Keynesian economics. The only dissent mentioned in the story is from ultra-Keynesians who didn’t think it goes far enough.
He went on to point out that good newspapers know the difference between opinion and news. He mentioned that the Wall Street Journal also presented some opinions about Obama’s jobs plan, but that in the Journal, they did it a bit differently…
The difference is the Wall Street Journal published these where they belong, on the editorial page, while the Gazette presented theirs where they didn’t belong, on the front page.
See the difference?