English to Russian Bus/Financial Economics

Доброго времени суток

The lack of rational consensus is a fact that has to be taken into account when assessing the capacity of institutions and individuals to deal with a crisis. All the decisions that have and will be taken will not be part of a rational public consensus. They will be somewhat paternalistic even if delivered by the most fair-minded Rawlsians. Economic policy then becomes a mixture of normative and political choices, intuitive predictions and rigorous calculations. This is fully legitimate, because there is no causal closure in economic variables. If that is so, the theory of regulation would benefit from a shift of focus to institutional conditions of policy making. Institutional conditions need to be created to ensure that decisions, if inevitably based on rough intuitions, are taken by those sufficiently isolated from interest groups, ideological considerations and are sufficiently sensitive to the policy outcomes.

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