Newly appointed Finance Secretary Ralph Recto, as a young economist adjudged recently, is “more like a politician who worked a lot on economic issues.”

Yet, seeing Recto as a politician more than as an economist crucially explains why his appointment as the country’s key economic manager makes perfect sense during these times when the economy is faltering despite the herculean efforts of credentialed economists.

It’s also precisely because the economy is sputtering that Recto’s politician credentials are now broadly appealing to various sectors.

Among those who generally approved of Recto’s appointment were fellow politicians, the liberal opposition, some progressive groups, bankers, and business people.

Investment banker Stephen Cuunjieng, for instance, told a TV station that a good finance minister needs to understand that government financial issues are not simply limited to finance, but must appreciate that there are social and political ramifications to financial and economic policies.

In a similar vein, progressive critic Terry Ridon of the think tank Infrawatch PH said Recto’s appointment “signals a pivotal shift towards policies that are not only economically sound but also socially responsible and politically astute.”

With this openness to the idea that the economy is too important to leave to economists alone, is there now an appreciation that perhaps it is only the people who are well-versed both in politics and economics who can revive the economy?

In other words, is applying the scalpel of politics to economics one way wherein the root causes of our faltering economy can be addressed? This is despite the fact that just about everyone despises politicians.

Of course, there are caveats to the question about politicians as economic managers. Obviously, the economy can’t just be handed over to any slouching politician. A politician, too, must have some sort of economic credentials.

In Recto’s case, he actually fits the bill. He was once briefly the economic planning secretary in the Arroyo administration.

Recto, however, is seen more as a seasoned politician than an economist.

In fact, politician Recto once adroitly shepherded — at the cost of his senatorial career — controversial new taxes in the 2000s. Years later, however, Recto was hailed as one of the architects of policies that pulled an administration back from a debilitating economic crisis.

So, if we’re correct that yet another debt-ridden and cash-strapped administration is tapping Recto for his politician cum economist skills, can he perform a similar feat the second time around?

Frankly, only time will tell. As it is, Recto has just arrived on the court and is merely warming up.

Expectations, nonetheless, are high.

Given obviously that whatever happens to the economy affects the wretched poor more than anybody else, progressive groups actively pushing the interests of the poor have enough reasons to be heard on pressing economic issues.

But what about the rich? Why are they also blathering? Is something amiss?

Well, the rich, in general, are different from you and me, particularly in their mind-bending hypocrisy about the state as exemplified by politics and politicians.

Generally, rich people don’t want the state’s scheming hands gripping the economy during good times.

Rich people just want the economy left alone so they can make even more money during the boom times.

But when times are bad, as they are now, rich people demand that the ship of state be pure and orderly.

It’s this way because, as Greece’s former finance minister Yanis Varoufakis once pithily put it, “The state has always provided the rich with a magnificent insurance policy.”

Should the ship of state exhibit unseaworthiness, the insurance policy it provides for the rich can suddenly become starkly worthletss, for instance, against angry, hungry mobs dealing with inflationary food prices.

So, perhaps the rich endorsing Recto indicates they are now more than willing to return the favor the state is doing for them by finally paying their premiums on the state’s insurance policy on their wealth, ill-gotten or otherwise. Hopefully, that is the case.