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I looked up the backgrounds of the Federal Reserve Board of Governors. And? A few were professors for a few years and maybe one made it a major job. The former
by HWR_14 4y ago
I looked up the backgrounds of the Federal Reserve Board of Governors. And? A few were professors for a few years and maybe one made it a major job.
The former head of the SEC was also a partner at Goldman Sachs, where he co-chaired their Finance committee overseeing their internal controls, spent 4 years in an undersecretary position in the treasury department, joined the Senate staff and helped write Sarbanes-Oxley, is former chair of the US CTFC where he overhauled regulations for 6 years.
By my count, that's 12 years of high-level federal government experience, 18 years at Goldman Sachs, and maybe 6 years as a professor. And the professorship was after at least 24 years doing other things at a very high level
You seem to confuse cause and effect
- vkou 4y agoHe also forgets that a large part of the federal reserve is, essentially, a research institution. That does research, publishes and critiques papers, and then takes those papers into account when drafting policy.
- TotoHorner 4y agoThe question was around whether Economics professors are influential outside of academia. The answer is unequivocally yes. You seem to have changed the discussion to something else.
- TotoHorner 4y agoThe question is around Economics Professors and their effects on society and how well-connected they tend to be. Many Econ professors at business schools are former bankers. Many bankers are former Econ profs (banks have a ton of staff in research roles). You’ve changed the argument to… i don’t even know? The question is whether Economics Professors are influential outside of academia and if they’re well connected. The answer is obviously yes. The top professors (i.e. MIT Profs, Harvard Profs, Yale, etc.) are extremely influential far beyond academia. I'd agree that you're right in other contexts. Like, a history professor or something. But that's not what we're talking about here.
- HWR_14 4y agoSome business school professors are accomplished former businessmen. Some are just lifelong academics. The ones with power are because of their non-professor credentials and connections. Schools, business schools especially, like to hire influential people as professors. So there are many powerful professors. But that's not why they are powerful. Since that's not why they are powerful, there's no reason to bring it up.
- TotoHorner 4y agoAgain, wrong. Reread the thread to see why.