SELECTING THE RIGHT OFFICIALS AND THE NEED FOR A NEW DISCIPLINE ON MACROECONOMIC MANAGEMENT

Abstract

In this chapter, the author will first explain (i) why most developing economies and some advanced economies failed to select the right people in the key macroeconomic positions, (ii) how heavy such mistakes had cost these economies and (iii) how a proper selection procedure could help avoid these heavy costs. Thereafter, he will discuss some more lessons for macroeconomic management, and explain why it is necessary and important to develop macroeconomic management as a new discipline in economics.