{"id":21548,"date":"2016-09-10T09:56:14","date_gmt":"2016-09-10T14:56:14","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21548"},"modified":"2016-09-10T09:56:14","modified_gmt":"2016-09-10T14:56:14","slug":"a-convocation-of-interventionists-part-1","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21548","title":{"rendered":"A Convocation of Interventionists \u2013 Part 1"},"content":{"rendered":"
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A Convocation of Interventionists \u2013 Part 1\u00a0<\/a><\/h3>\n<\/div>\n
Modern Economics \u2013\u00a0 It\u2019s All About Central Planning<\/strong><\/div>\n
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We are hereby delivering a somewhat belated comment on the meeting of monetary central planners and their courtier economists at Jackson Hole. Luckily timing is not really an issue in this context.
\n\"centralCentral bank headquarters: the Fed\u2019s Eccles building, the ECB\u2019s hideously expensive new tower in Frankfurt, and the BOJ\u2019s Tokyo HQ (judging from the people in the foreground, it may be a source of noxious fumes).<\/p>\n

When discussing papers and speeches delivered at the annual Jackson Hole meeting, it is important to consider the wider socio-economic context. As\u00a0this article<\/a>\u00a0suggests (still the most recent reference available on the topic), the Federal Reserve has essentially bought off the economics profession.<\/p>\n

A great many US economists list \u201cmonetary policy\u201d in some shape or form as a specialty, or more generally, \u201cmacroeconomic policy formation and aspects of public finance\u201d. More than half of the editors of the top seven academic economic journals are on the Fed\u2019s payroll and serve as gatekeepers. The Fed employs hundreds of economists directly, and provides 100ds of millions of dollars in grants to outside economists.<\/p>\n

We are quite certain that the situation in other countries is very similar. It is easy to see why practically no\u00a0fundamental<\/em>\u00a0criticism of the monetary system is forthcoming from the economics profession. The basic assumption that money and credit should be centrally planned is rarely challenged (or almost never). Economists naturally won\u2019t bite the hand that feeds them.<\/p>\n

Instead, debate as a rule revolves around various \u201cplans\u201d. Their authors are mainly suggesting what they think are improvements on existing plans. Obviously, not all of these plans can be correct; but how can one possibly know which ones might be?<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A Convocation of Interventionists \u2013 Part 1\u00a0 Modern Economics \u2013\u00a0 It\u2019s All About Central Planning We are hereby delivering a somewhat belated comment on the meeting of monetary central planners and their courtier economists at Jackson Hole. Luckily timing is not really an issue in this context. Central bank headquarters: the Fed\u2019s Eccles building, the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5728,57,85,124,233,282,303,2127,6170,3650],"class_list":["post-21548","post","type-post","status-publish","format-standard","hentry","category-economics","tag-acting-man","tag-bank-of-japan","tag-boj","tag-central-banks","tag-ecb","tag-european-central-bank","tag-fed","tag-interventionism","tag-pater-tenebrarum","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21548"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21548\/revisions"}],"predecessor-version":[{"id":21549,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21548\/revisions\/21549"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}