Not science, just guessing

Re: "Govt 'threatens' BOT on rate cut", February 6.

The current feud between the political and traditional economists on the policy interest rate cut reminds me of the words of the British economist Joan Robinson. "The purpose of studying economics," she said, "is to learn how to avoid being deceived by economists."

Unlike science, there is no precision in this subject. It is more subjective opinion on which choice is best. Former US Fed governor Alan Greenspan was lauded as a high priest pre-2008 and is now partly blamed for the US and Western financial havoc that struck that year. In looking back, current Fed governor Ben Bernanke has admitted he was too optimistic and under-cautious about the 2008 situation. So diversified opinions are natural and common among economists. No economist in his right mind can ever claim a superior opinion.

I therefore hope there will be no bloodbath for members of the Monetary Policy Committee, who are required by law to voice opinions expertly and independently. Also, for the sake of stability, the current central-bank governor should remain in place irrespective of the committee's final decision on the rate cut on February 20.

Songdej Praditsmanont

Bangkok