THE WIZARD OF DODGE
The economist James Galbraith once compared former U.S. Federal Reserve chairman Alan Greenspan to the Wizard of Oz. The same comparison can be applied to Bank of Canada Governor David Dodge. His words are often received as if they’ve come from Mt. Olympus. That was the case when Dodge recently catalogued what Ontario’s policy priorities should be.
But we should be sceptical about Dodge’s policy prescriptions, because like the Wizard of Oz he’s just a fallible man. That’s especially true when he speaks of "efficiency" as paramount for all sectors in the Ontario economy.