How Economics PhDs Took Over the Federal Reserve - Justin Fox - Harvard Business Review: "... A Fed with lots of PhD economists is probably a good thing. A Fed with only PhD economists in its top jobs would be limiting itself. Diversity brings all sorts of positive side-effects; monocultures are fragile and unhealthy. The FOMC hasn’t gotten nearly as narrow in its recruiting as the Supreme Court, where the nine justices are the product of just three law schools (Harvard, Yale, and Columbia), and eight were U.S. appeals court justices before joining the Supremes. Let’s hope it never does."
You see, these elitists start to think they do "really know better,"--I would rather have real wisdom, born of experience, than these so-called know-it-alls who completely missed the bubble and crash of 2008, who think any program can be justified if it is a "tax," etc., and who are truly "ignorant" in the full meaning of the word.
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