@xenon said in Thought Experiment-Biden as President:
If there was somehow a way to get data on all the drivers of the economy (or let's say the top 100) - you could run a regression on that data.
My view is similar to TG's - what you'd see is that the President is a non-zero coefficient, but other things like tech progress, size and health of global markets, earnings of domestic firms, etc., etc. - would dwarf any direct actions from the President.
Now you can see in the long arc of history the government sets the rules of the game (patent law, anti-trust law, regulations, etc., etc.) and the President has influence there - but those sort of changes have an effect on a scale of decades and even centuries.
In times of crises, the President's coefficient get's a lot bigger.
But if you were to make that equation, and look at the coefficient on Presidential actions - it wouldn't be accurate to say things like "Trump's economy" or "Obama's economy"
Maybe their coefficient is greater than any other single person - or maybe the Steve Jobs of the world beat them in some years.
Thank you Xenon. You said it better than I ever could. 🙂