Example and opinion of economiics

I deal with all the rma's with my company: Am I sure the cards are bad? So, if I send you a perfectly good card and claim it's bad, you'd admit it was bad and change it, just to make me happy? Damn, I'd rather be told the truth so I can look for the real problem

Example and opinion of economiics

But if we call any democratically arrived at delegation of power demo- cratic we would have to call democratic a system whereby a dictator is freely elected to wield absolute power for life. Since delegation with respect to means is in any case likely, the problem of Federal Reserve independence is primarily one of the dele- gation of value judgments.

To the extent that the Federal Reserve makes the same value judgments as the public, either because the pub- lic's value judgments correspond to its own inherent ones, or because it believes that it has the duty to accept the public's value judgments, Federal Reserve independence does not raise many issues.

But there is a serious question whether this is the case. Traditionally, central banks have been substantially more concerned with inflation, and less concerned about unemployment, than the public. Central banks look upon themselves as the guardians of the value of money.

This is due, in part, to the fact that one of the central bank's constit- uencies, bankers, are strongly opposed to inflation. In case of the Fed- eral Reserve it may also result from the Federal Reserve seeing itself as the only major government agency that protects the interests of the fixed income groups, most government agencies having a producer, rather than consumer, constituency.

Example and opinion of economiics

As former Governor Maisel has put it: Thus according to Maisel "a good deal of the System bias has been removed," t6 though there is always a danger of it returning, since the Federal Reserve talks more frequently with those who favor restrictive policies than to other groups.

In his view, while the Federal Reserve was more conservative than other agencies prior tothis is no longer the case. Bach refers to the Federal Reserve as more con- cerned with inflation than are the Administration or Congress, though he too suggests that the difference is not very great.

This whole topic of the Federal Reserve's attitude towards inflation, compared to that of other government agencies, is greatly complicated by the fact that, as discussed below, the Federal Reserve has been un- willing to discuss its trade-offs in a serious way.

Hence, outsiders can only form rather unreliable impressions which may well be wrong. One of these has concluded that the Fed has become less hostile to inflation after Arthur Burns sicceeded William McChesney Martin as chairman.

But such studies are vulnerable to the criticism that changes in the variables used, or in the way they are measured, might result in different conclusions.

A bureaucracy, like any other closely knit group, tends to develop its conceptions into unquestioned dogma-"professionalism also means inbreeding and the growth of dogmas. To be sure, the Federal Reserve is to be strongly commended for giving its staff much more intellectual freedom than is usual for government agencies.

But all the same, it has tended to develop a certain inbred way of looking at things. As Professor Yohe has put it: Similarly, Professor Friedman referred to the reluctance of an independent agency, such as the Federal Re- serve, to admit that it has made a mistake. Private firms, when they make mistakes, are checked by the market and forced to change.

Public opinion and elec- tions can force Congress and the Administration to change their poli- cies. But there is no outside agency that forces the Fed to admit its mistakes.

It can indulge in the comfortable attitude of not admitting these mistakes even to itself.

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