LAWYERS, ECONOMISTS: A LETTER TO THE ECONOMIST (June 8, 2011)

The International Monetary Fund is looking for a new head. Christine Lagarde, the French finance minister, is in the lead. She is followed by Stanley Fischer of Israel, Agustin Carstens of Mexico, and Grigori Marchenko of Kazakhstan. In your presentation of the competitors you mention that Lagarde is a lawyer whereas the others are central bankers, “as well as practitioners of the dismal science” (“Wanted: Chief Firefighter,” June 4, 2011). You explain that “much of the firefighting job of the IMF involves tricky monetary and economic analysis.” Surprisingly, you proceed by leaving aside your own words of caution. By your account, much of what central bankers do has to do with negotiation. Also, being tough is the key to negotiation. By implication, monetary and economic analysis, no matter how tricky, is the domain of the head’s staff. The same must be true not only of central banks but of the IMF, as well. In other words, a tough lawyer would be perfectly suited for the job. God knows, not being a practitioner of the dismal science might help a little bit, too.