In an open letter issued Tuesday, a group of 16 Nobel Prize laureates say they are “deeply concerned” about the risks a second Donald Trump presidency would have for the U.S. economy.

“While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump’s,” the award-winning economists wrote. 

They said that Trump returning to the White House would threaten the stability of relationships with other countries and the United States’ global standing. The economists called political certainty one of “the most important determinants of economic success.”

They pointed to laws Biden signed approving major investments in the U.S. economy, including infrastructure, domestic manufacturing and climate. The Nobel Prize winners said those investments “are likely to increase productivity and economic growth while lowering long-term inflationary pressures and facilitating the clean energy transition.”

Meanwhile, the U.S. job market has seen “a remarkably strong and equitable” recovery under Biden, they added. 

While inflation has cooled “remarkably fast,” there “is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets,” the economists wrote.

They noted that nonpartisan researchers at four organizations have predicted Trump would increase inflation if he enacts his agenda.

For example, an analysis by the international financial services company Allainz concluded that Trump’s plans to raise tariffs would hurt the American economy and that cracking down on trade diversion and tariff evasion, as he has promised, would be inflationary.

In addition, another round of large tax cuts funded by increasing the deficit or spending would “re-ignite inflation and heighten concerns about the sustainability of US public finances in bond markets,” the study said. The Federal Reserve would then be forced to more slowly lower interest rates and the stock market would either take a hit or remain relatively flat through 2025, according to Allainz.

The Trump campaign did not immediately respond to an email seeking comment.

The Biden campaign issued a statement saying, “Top economists, Nobel Prize winners, and business leaders all know America can’t afford Trump’s dangerous economic agenda.”

“In Donald Trump’s America, the rich pay less, and working Americans pay more,” campaign spokesperson James Singer said. “Luckily, Americans have a better choice this November: Joe Biden, who is leading America out of the mess Donald Trump left us in and fighting to lower costs, create jobs, and raise wages.” 

The letter was signed by George A. Akerlof (2001 Nobel winner), Sir Angus Deaton (2015), Claudia Goldin (2023), Sir Oliver Hart (2016), Eric S. Maskin (2007), Daniel L. McFadden (2000), Paul R. Milgrom (2020), Roger B. Myerson (2007), Edmund S. Phelps (2006), Paul M. Romer (2018), Alvin E. Roth (2012), William F. Sharpe (1990), Robert J. Shiller (2013), Christopher A. Sims (2011), Joseph E. Stiglitz (2001) and Robert B. Wilson (2020).