What defines an under-developed country?

Answer: Its policy maker?

Deputy Finance Minister Suchart Thada-Thamrongvech signals on Thursday that the government wants the Bank of Thailand to "step back" on its monetary policy.

"So far, the monetary policy of the BOT governor (Tarisa Watanagase) has been in the opposite way of the government's policy. The government wants to stimulate the economy, but the BOT has done the opposite thing," Suchart told a seminar earlier today.

He said he would meet BOT Deputy Governor Atchana Waiquamdee later today and would talke about the monetary policy issue with her.

I am not expecting a top-notch economic genius (who may yet to be born in Thailand) here, but surely we could at least afford someone who have either:

• Done economics 101, and understand that fiscal policy does not involve interfering with monetary policy, or
  
• Heard of time inconsistency and the central bank independence debate, or
• Read world history, and remember what inevitably happens when inflation is allowed to get out of hand because money supply is dictated by political will
  

So more education, and we should be sorted? Here comes the real depressing bit...this guy's qualification:

• B.A. (Hons), (Economics), Thammasat University
• M.Sc. (Economics), The London School of
  Economics and Political Science, U.K.
• Ph.D. (Economics), McMaster University, Canada

Maybe it's my fault, and I should go back to brush up my economic education. Not on monetary economics, but on incentives and political economy.