The Ultimate Disorganizing Organization
Mises Daily:
Wednesday, May 09, 2012
by Peter G. Klein
"... In the remarks below I evaluate the Federal Reserve System — and the
institution of central banking more generally — from the perspective of
an organizational economist. While I strongly disagree with many of the
key policies of the Federal Reserve Board both before and after the
financial crisis and Great Recession, my argument does not focus on
particular actions taken by this or that chair and board. The problem is
not that the Fed has made some mistakes — perhaps addressed by
restating its statutory mandate, scrutinizing its behavior more
carefully, and so on — but that the very institution of a central
monetary authority is inherently destabilizing and harmful to
entrepreneurship and economic growth..."
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