One thing we could do would be to create prediction markets, which are just a more systematic way of allowing people to make bets on policy outcomes.
This way, if an economist doesn't (literally) put his money where his mouth is, you know not to trust him.
Of course, in the US, this would require legalizing gambling. Unfortunately, our backwards approach to securities markets even discourage speculation except as a way to provide liquidity for hedging.
[disclaimer: I'm currently working at a prediction market startup.]
This way, if an economist doesn't (literally) put his money where his mouth is, you know not to trust him.
Of course, in the US, this would require legalizing gambling. Unfortunately, our backwards approach to securities markets even discourage speculation except as a way to provide liquidity for hedging.
[disclaimer: I'm currently working at a prediction market startup.]