Assessing Ben Bernanke's Tenure...
Morning Must-Read: Noah Smith: Another Contribution to the "Microfoundations" Debate...

Morning Must-Read: C. Northcote Parkinson on Why Thought Leaders Are Natural Heads of Government...

C. Northcote Parkinson: Parkinson's Law:

When first examined under the microscope, the cabinet council usually appears--to comitologists, historians, and even to the people who appoint cabinets--to consist ideally of five. With that number the plant is viable, allowing for two members to be absent or sick at any one time. Five members are easy to collect and, when collected, can act with competence, secrecy, and speed. Of these original members four may well be versed, respectively, in finance, foreign policy, defense, and law. The fifth, who has failed to master any of these subjects, usually becomes the chairman or prime minister...

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