Wednesday, January 15, 2014

Who Might President Obama Have Consulted With Before Nominating Stanley Fischer as Fed Vice-Chair? (the MIT econ mafia)

In the post immediately below, "Assortive Mating, Janet Yellen and O-Rings", Marginal Revolution's Alex Tabarrok writes:
"–to wit, I wouldn’t be surprised if everyone President Obama asked for advice on this question to told him that Fischer would be one of the best people in the entire world for the job.

Indeed, many of the people Obama spoke to, including Ben Bernanke, would have been Fischer’s students, themselves a large subset of the tiny elite of the world’s top monetary economists. Perhaps the world of monetary economics is an inbred clique, a supplier-controlled cartel...."
Which reminded me of this graphic from Real World Economics Review last seen in one of our Nov. '13 posts:

econ_mitcharticle04__01__960