15min chapter

The Knowledge with David Elikwu cover image

88. The Economics of Elites with Garett Jones

The Knowledge with David Elikwu

CHAPTER

The Role of Central Banks and Elite Decision-Making in Governance

This chapter explores the importance and limitations of central banks in the economy, emphasizing the need for technocratic independence. It also delves into the concept of elites in decision-making, arguing for the expertise of elites over the general population in certain governance aspects. The discussion further examines the challenges of implementing economic theories in real-world politics and the complexities of the principal-agent problem in democratic systems.

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