FYI: The Ph.D. standard of monetary management was the topic on the agenda at the July 15 panel at the American Enterprise Institute in Washington. Discretionary central-bank policy conducted by former tenured economics faculty, or by people imbued with the doctrines of those learned people, is the system in place today. We discussants pulled at our chins: Is the system any good at all?
It’s a timely, down-to-earth question. Federal Reserve Chairman Jerome Powell, though a lawyer by trade, does business in a building infused with the doctrines of the hundreds of doctors of economics on the Federal Reserve System’s generous payroll.
Regards,
Ted
https://www.barrons.com/articles/jim-grant-the-big-flaw-in-ph-d-conomics-51563574259
