Robert Pringle's Viewpoint: Policy-makers in thrall to group thinking

robert-pringle

Is a training in economics the best qualification for a member of a monetary policy committee? Or for a central bank governor? For the past 20 years it has been taken for granted the answer is "Yes". But reading the transcripts of the Federal Open Markets Committee (FOMC) meetings in 2006 prompts me to raise the question again.

The mainstream media have focused attention on the FOMC's ‘failure' to predict the housing crash. It is a legitimate criticism – there was plenty of evidence of an

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