Central bank technocrats rule democratic roost

Joseph Stiglitz said in an article that research shows that if central banks focus on inflation, they do a better job at controlling inflation. However, controlling inflation is not an end in itself: it is merely a means of achieving faster, more stable growth, with lower unemployment, he says.

First published by Business Day, Johannesburg, 11 June. The author, Joseph Stiglitz is professor of economics and finance at Columbia University and was the 2001 Nobel laureate in economics. Previously, he

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