Why aren't more countries run by economists?

[TruthOut10]

One of the main tasks of any modern government is to oversee a country’s economy. And yet, a great many nations are run by people with little or no economic expertise. Why is that?

Mark Hallerberg and Joachim Wehner have an interesting new paper trying to figure out “why governments sometimes appoint economic policymakers with economics training but often do not.” By studying the qualifications of more than 1,200 prime ministers, presidents, finance ministers, and central bankers in various democracies since the 1970s, they uncovered a few key patterns.

The first is that in many older, established democracies, most prime ministers and finance ministers don’t have much training in economics. Central bankers, for their part, typically tend to have more expertise, but even here, there aren’t nearly as many PhDs as you’d expect. Here’s the key chart (click to enlarge if it’s too small):

Why aren?t more countries run by economists?

 

[TheOldSchool]

I would argue that economics is only 1 factor in the running of a government. You have defense to consider, meeting the needs of your people, balancing what other countries are doing in terms of their economics, etc...

That's not to say an economist wouldn't make a great President, but even he might find his hands tied by other factors.

 

[Votto]

One of the main tasks of any modern government is to oversee a country’s economy. And yet, a great many nations are run by people with little or no economic expertise. Why is that?

Mark Hallerberg and Joachim Wehner have an interesting new paper trying to figure out “why governments sometimes appoint economic policymakers with economics training but often do not.” By studying the qualifications of more than 1,200 prime ministers, presidents, finance ministers, and central bankers in various democracies since the 1970s, they uncovered a few key patterns.

The first is that in many older, established democracies, most prime ministers and finance ministers don’t have much training in economics. Central bankers, for their part, typically tend to have more expertise, but even here, there aren’t nearly as many PhDs as you’d expect. Here’s the key chart (click to enlarge if it’s too small):

Why aren?t more countries run by economists?

Lawyers run everything for a reason. They are trained to win and that means doing what it takes to win elections.

 

[EdwardBaiamonte]

I would argue that economics is only 1 factor in the running of a government. You have defense to consider, meeting the needs of your people, balancing what other countries are doing in terms of their economics, etc...

That's not to say an economist wouldn't make a great President, but even he might find his hands tied by other factors.

Actually leaders like Obama let economic leaders dictate economic policy because they know what they don't know; so the OP makes no sense at all.

 

[JimmieD]

One of the main tasks of any modern government is to oversee a country’s economy.

Says who? Why should some professor being "overseeing" what I do with my decisions? And what exactly does "oversee" mean?

 

[TheOldSchool]

Actually leaders like Obama let economic leaders dictate economic policy because they know what they don't know; so the OP makes no sense at all.

Got a point right there.

 

[Toro]

One of the main tasks of any modern government is to oversee a country’s economy. And yet, a great many nations are run by people with little or no economic expertise. Why is that?

You mean the profession that saw neither the Tech Bubble nor the Housing Bubble? That group?

And you have to ask the question?

 

[EdwardBaiamonte]

One of the main tasks of any modern government is to oversee a country’s economy. And yet, a great many nations are run by people with little or no economic expertise. Why is that?

You mean the profession that saw neither the Tech Bubble nor the Housing Bubble? That group?

And you have to ask the question?

Yes but if you look at all the huge huge stuff Ben has done that we never would have imagined and note that it did not create a depression or even inflation, then we have to concede they know a ton more today than they did 100 years ago, and a ton more than a non economists and probably now can predict a bubble before it bursts at least.