[In This Economy] When technocrats are wrong

Economic technocrats are supposed to be experts appointed to key positions and expected to steer the economy toward solid growth, stable prices, and job creation.

But technocrats are not infallible. And when technocrats get it wrong, people tend to trust them less. Technocrats’ policies and pronouncements become less credible over time.

Take for example what had happened to Secretary Arsenio Balisacan of the National Economic and Development Authority (NEDA). Before becoming a technocrat at NEDA...