Should economists run for president?

August 10, 2007 at 8:12 am Leave a comment

In many countries, policy decisions are often made by politicians who barely know any economics – let alone – the economic impact their decisions are likely to have on the economy and consumers as a whole. Yes, they have their “economic advisors” to whom they consult – or should be consulting – when making important decisions related to the economy; but do they really make decisions that are at all times beneficial to the economy – ignoring their own selfish political agendas? No.

One could then argue, if economists are, after all, the backbone behind which political leaders make policy decisions – why shouldn’t they be given some prominence in the political running of the country as well? May be because (unfortunately) it isn’t just a sound understanding of economics that makes for a good president. You need to be charismatic, a leader, a person who can influence people. And unfortunately, many of the political leaders who possess such qualities, lack a thorough understanding of the subject area they love talking about.

For those interested, James Pethokoukis of the U.S. News and World Report, gives a thoughtful analysis on recent statements made by US democratic presidential contenders – and the weird economics behind them.

So to answer the question posed in the title: should economists run for president – I say yes. One can only imagine what progress could be made if we had our own Manmohan Singh running our country.

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Entry filed under: politics, Uncategorized.

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