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Why Did the Penn Wharton Budget Model Start? with Wharton Prof. Kent Smetters

October 10, 2023 / 00:37

This episode discusses the Wharton budget model, its origins, and its purpose in legislative analysis. Key topics include the need for early budget analysis and its impact on legislation.

The conversation begins with the history of the Wharton budget model, which started seven years ago. The model was developed in response to requests from members of Congress who wanted budget analysis during the legislative drafting process.

Guests discuss how this early analysis helps legislators understand the potential effects on the budget, economy, and people before finalizing legislation. This proactive approach aims to protect their reputations and ensure informed decision-making.

TL;DR

The episode covers the Wharton budget model's origins and its role in early legislative analysis.

Episode

0:37
00:00:00
so pen Wharton budget model started
00:00:01
about 7 years ago how did it get started
00:00:04
and what was the Genesis of the idea
00:00:06
behind it yeah it was really members of
00:00:08
Congress who I already was having
00:00:10
conversations with they really wanted a
00:00:14
analysis not after they wrote the
00:00:16
legislation not after it went to a
00:00:18
chairperson they wanted analysis at the
00:00:21
very beginning while they're actually
00:00:22
writing legislation so they wanted to
00:00:24
know what was the effects before they
00:00:26
put their reputation on the line what's
00:00:28
the effects on the budget what's effect
00:00:30
on the economy what's the effect on
00:00:35
people

Episode Highlights

  • The Genesis of the Idea
    The idea for the Wharton budget model originated from Congress members seeking early analysis.
    “They wanted analysis at the very beginning.”
    @ 00m 21s
    October 10, 2023

Episode Quotes

  • They wanted analysis at the very beginning.
    Why Did the Penn Wharton Budget Model Start? with Wharton Prof. Kent Smetters
  • What’s the effect on the budget?
    Why Did the Penn Wharton Budget Model Start? with Wharton Prof. Kent Smetters
  • What’s the effect on the economy?
    Why Did the Penn Wharton Budget Model Start? with Wharton Prof. Kent Smetters
  • What’s the effect on people?
    Why Did the Penn Wharton Budget Model Start? with Wharton Prof. Kent Smetters

Key Moments

  • Early Analysis00:21
  • Legislative Impact00:26
  • Economic Effects00:30
  • Human Impact00:35

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