The new lot of policy economists have to learn how to combine technical proficiency with a sense of national interest
Raghuram Rajan is due to announce his first monetary policy on Friday. Most of the public attention will quite naturally focus on what he says about the direction of interest rates as well as the future of financial reform. There will be less attention of another significant fact: this perhaps marks the first stage of the eventual handover of policymaking to a new generation of economists. Rajan, at the age of 50, is in the vanguard of that overdue change.
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