Get executives, entrepreneurs to help steer global economy

THE Japanese government did something weird last week, but weird in a good way that other governments should follow. It nominated (drumroll) a new member of its central bank (fanfare) who has actually (fireworks) worked in industry (huge applause, fade to sunset) - namely Yukitoshi Funo, 68, who used to run Toyota Motor's North American business. Equally surprisingly, the guy he'll replace later this year is Yoshihisa Morimoto, himself a former executive of Tokyo Electric Power Co.

I'm willing to bet that if you asked the average person to guess what kinds of people set the interest rates on their mortgages or car loans, they'd be shocked to discover how rarely a central bank committee features an industry executive or a business leader. Instead, the boards are packed with economists and academics, none of whom ever had to fund payroll on a Friday, decide whether to open a new factory, hire workers in expectation o…