All signs lately point to Larry Summers being named as the next Chairman of the Federal Reserve. I have to say I’m rather disappointed. I’m sure he’s very intelligent and qualified, but for someone with those qualities, he’s certainly made a few public blunders that seem to indicate he wouldn’t be an effective leader. There have been several articles written about this over the past two months and so I will not attempt to either link to them, summarize them, or even provide novel arguments. I will however, encourage professional economists to read (and sign if you are so moved) this open letter to President Obama in support of Janet Yellen for that same position.
The letter is being supported by IWPR, an organization that tends to focus on issues pertaining to gender, but what is so wonderful about this letter, and about Yellen, is that her gender is irrelevant. The letter doesn’t even mention it. I kind of feel like this is one of those experiments where we sent identical resumes, just changing the names and apparent genders of the applicants to show discrimination. Not because we’re trying to identify discrimination, but rather because she’s that good. Her experience and qualifications put her at the top of the bunch, regardless of gender or other demographic consideration.