Putting Investors Before Savers
Who Goes There?
The Mysterious Footnote 8
Learning the NIRP Ropes
Inflation: The Impossible Dream
She Blinded Me with Science
Denver, Dallas and George Gilder, Denver and Dallas
‘Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.’
– John Maynard Keynes
Scientific research says that leaving your normal environment can stoke creativity. This is one reason organizations send managers and workers to off-site retreats and conferences. ‘Getting away from it all’ seems to lubricate our brains.
You would think the effect might have been observable among the central bankers who attended the Federal Reserve’s recent Jackson Hole, Wyoming, retreat. Sadly, however, having reviewed the speeches and the interviews that came out of the gathering, I found few if any fresh ideas, or at least none that would truly be helpful. Even the calls for ‘reformed thinking’ turned out to be just variations on the same old thinking. For instance, rather than targeting inflation at 2%, why can we not think about 4% inflation? Instead of worrying about GDP, couldn’t we worry about nominal GDP? As if such minor variations on old themes would make any real difference to employment or growth.
This post was published at Mauldin Economics on SEPTEMBER 4, 2016.