'Forward, the Fed Brigade!'
Was there a Economist dismay'd ?
Not tho' the beaurocrat knew
Some one had blunder'd:
Theirs not to make reply,
Theirs not to reason why,
Theirs but to do & die,
Into the valley of Stimulus
Rode the PhDs...
QE2, ZIRP, calls for more stimulus, and yet we still have academic papers and official white papers published explaining why these measures work and tax cuts do not. Never mind that the reason d'etre of the academic economics profession is distributing power among policy makers to perform these measures.
It is axiomatic that those who hold power use traditional mechanisms in their decision making processes...otherwise there woudl be no need for them. The British military suffered a similar eureka moment when they realized that officer commissions should be based on merit as opposed to geneology. The light brigade was one of those moments when someone with influence says "there must be a better way".
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