The one about the politician and the economist

By Economist.com

What political leaders did before they took office

A POLITICIAN, a businessman, a comedian and an economist walk into a room. Unfortunately, this is not a joke—they all vie for the position of Italy's next prime minister. At an election this week the politician received the most votes, but not enough to govern. A deadlock now ensues. The career background of Italy's previous prime ministers is similarly eclectic. Between 1973 and 2010, the two main jobs held by prime ministers before they came to power were split roughly equally between lawyer, professor, and politician or civil servant. Economists featured only three times out of 23. And elsewhere, prime ministers with an economics background are also rare.

According to a paper by Mark Hallerberg of the Hertie School of Governance in Berlin, and Joachim Wehner of the London School of Economics and Political Science, policymakers with "technical competence" are more likely to hold office during a crisis. The authors found that a banking crisis increases the probability of having an economist as prime minister; a professor is more likely to hold the position during stockmarket crashes or inflation crises. Italy's Mario Monti and Greece's Lucas Papademos are recent examples. Unfortunately, voters seem inclined to get rid of them at the earliest opportunity.