Should policymakers – politicians and high-level state officials – be experts in their fields? Does professional competence effect public policies at all? And does it prove itself? These, undoubtedly, important issues to be discussed and researched. But in order to delve into them, first one needs to understand why and when some governments appoint people with professional economic background and headed by economists, while in orther cases the picture is different?
In “The Technical Competence of Economic Policy-Makers in Developed Democracies” Mark Hallerberg and Joachim Wehner tackled these questions. They analyzed educational and occupational background data for 1200 policy-makers (presidents/prime ministers, finance ministers, and central bankers) from EU and OECD democracies since 1973. The findings are not just interesting, they also could explain a lot about economic policymaking.
Comparison of the economic training of policymakers
So Hallerberg and Wehner found that:
– Eurozone leaders are unlikely to have an…
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Utopia, you are standing in it! 
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