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Replying The Thread " Inflation Was Lower When CBN Governors Were Economists". - Politics - Nairaland

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Replying The Thread " Inflation Was Lower When CBN Governors Were Economists". by 001Lotion: 10:03pm On Sep 28, 2023
Going through comments on this thread was the reason why i had to up with this because i'm yet to understand why most people think that an Economist will do a better job than a Banking or Managerial Expert on the CBN job.
This is the link to the previous thread https://www.nairaland.com/7858301/inflation-lower-when-cbn-governors

Now I'm will start by giving a simple definition of Economics for the benefits of those not in the field and why an Economist is not best fit for the CBN job rather why a Management or Finance Expert is the best person for the job.

What is an Economics?

Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively. The two branches of economics are microeconomics and macroeconomics. Economics focuses on efficiency in production and exchange.

Economics as a course of study is so broad that its cut across all Management science of which finance and Management is part of. So from the foregoing a financier or a Managerial expert are all Economist because finance and Management as a discipline came from Economics to solve specific problem which Economics as a discipline can not tackle because of its broadness. Someone with a background knowledge in Banking and finance has all his time focusing on how the momentary policy, Banking system and stability of finance works in the macro Economy in relation to CBN. The CBN is just a sector of the Economy which a financier has chosen to be his domain of which finance its self is just a section of Economist. The CBN is not the only driver of an Economy, it is just a part of an integrated system that makes up a whole.

Saying that because the country is not doing well under a CBN leadership headed by a Banker is a complete fallacy and lack no bases for ethically and professional argument. All doctors are doctors but when a person has tooth problem he goes to the Dentist who is also in the field of health as all doctors.

The Central Bank of any country does the following functions

maintaining macroeconomic stability;
lender of the last resort for financial stability;
being a bank to the government;
implementing monetary policy;
regulating the financial sector.

The above function is what a Banking and Finance expert is grounded on. Now tell me why you think the Economist will do a better job than a financier.
Re: Replying The Thread " Inflation Was Lower When CBN Governors Were Economists". by killsmith(f): 10:09pm On Sep 28, 2023
A finance analyst is specialised in asset pricing, portfolio theory, credit risk and the stock market analysis. Monetary policy and inflation are areas of Macroeconomics. A finance analyst is unfit to head a Central Bank.
Re: Replying The Thread " Inflation Was Lower When CBN Governors Were Economists". by 001Lotion: 10:18pm On Sep 28, 2023
killsmith:
A finance analyst is specialised in asset pricing, portfolio theory, credit risk and the stock market analysis. Monetary policy and inflation are areas of Macroeconomics. A finance analyst is unfit to head a Central Bank.
Monetary policy is more of a Banking and infinance things than it is an Economist.
Re: Replying The Thread " Inflation Was Lower When CBN Governors Were Economists". by killsmith(f): 10:36pm On Sep 28, 2023
001Lotion:
Monetary policy is more of a Banking and infinance things than it is an Economist.
https://en.m.wikipedia.org/wiki/Monetary_economics
Re: Replying The Thread " Inflation Was Lower When CBN Governors Were Economists". by 001Lotion: 11:08pm On Sep 28, 2023
killsmith:

https://en.m.wikipedia.org/wiki/Monetary_economics
If you had read and understand my initial argument you would have seen where I said that ( Banking and Finance is a section of Economics) Banking and Finance is not a distinct discipline, it came out of Economics to specifically focus on things that has to do with the banking system of which the CBN being the bank of banks is part of.

So from your link Momentary policy was defined as a section of Economics. Economics is so broad and it is the mother of all management science.

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