This is the conclusion to Christina and David Romer's detailed evaluation and critique of Gerald Friedman's analysis of Senator Sander's economic plan:
Senator Sander's Proposed Policies and Economic Growth: ...IV. CONCLUSION The bottom line of our evaluation of Professor Friedman’s analysis is that it is highly deficient. The estimated demand - induced effects of Senator Sanders’s policies are not just implausibly large but literally incredible. Moreover, even if they were not deeply flawed, Freidman’s enormous estimates of demand - fueled growth could not and would not come to pass. Even very generous estimates of the amount of slack still present in the American economy would not be enough to accommodate demand - driven growth of anything near what Friedman is estimating. As a result, inflation would soar and monetary policy would swing strongly to counteract them. Finally, a realistic evaluation of the impact of Senator Sanders’s policies on productive capacity (something that is neglected in Friedman’s analysis) suggests that those impacts are likely small and possibly negative.
Though we have been frankly critical of Professor Friedman’s analysis, he has provided a service to public debate by posting his analysis so that other economists can evaluate its validity. We are posting our evaluation in the same spirit.