What you need to be on the Fed…and it isn’t a Ph.D.
Neither Stephen Moore nor Herman Cain, political allies that President Trump hopes to put on the Federal Reserve Board, has a Ph.D. in economics. For fans and even some foes, that’s a virtue, not a vice.
In these populist times, knowing too much economics means you’re out of touch, arrogant, and wrong. Few institutions have suffered the backlash against elitism and credentialism as much as central banks, which are mostly run by professional economists.