Monday 15 March 2010
You might think this sounds crazy — a bunch of unelected bankers get to decide how many people have jobs? — and, in fact, it is crazy. But I’m not making it up. Ask a macroeconomist, like Paul Krugman, and this is exactly what he’ll tell you. And if you look in the Federal Reserve Act or on the Fed’s website, you’ll find their mission is to “promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” These multiple goals are relatively recent; before 1978, the goal was simply “maximum employment, production, and purchasing power. Aaron Swartz ☀
