My latest article in the Huffington Post, "Men Fail, Only Then Women Rule," calls out the absurd sequence of events that had to take place prior to the appointment of Janet Yellen, Karnit Flug and Christine Lagarde into high-ranking economics leadership roles.
In the past, their male predecessor's transgressions - sexual predation in the case of Lagarde's predecessor Dominique Strauss-Kahn, arrogant recklessness and greedy conflict of interest in the case of Yellen's predecessor Larry Summers, and crude criminality, in the case of Flug's predecessor Jacob Frenkel - would not have stopped them from succeeding.
But today, hooray! Strauss-Kahn did not become president of France or remain director of the International Monetary Fund, where Lagarde took his place. Yellen was President Obama's second choice after Larry Summers for Federal Reserve chair, even though Summers was paid millions from the same financial industry he would be charged with regulating. Most recently, Flug was also a second choice contender, for governor of the Bank of Israel. Though she is witty, creative, and highly qualified, Netanyahu, Israel's prime minister, had to give up his top choice, Jacob Frenkel, when Hong Kong police charged him with shoplifting in a duty free shop.
It is indeed a victory that Lagarde, Yellen, and Flug rose to these prominent leadership positions in the economics profession. However, let's be clear - each has a long, successful careers built on solid credentials. The only difference is that this time, their male predecessor's were not given more than they deserved. "To women no less, to men no more," is the mantra that explains why these remarkable women are now powerful economists.