Thinking Citizen Blog — Is the Fed Winging It? Who Knows? Who Cares? Who Should?

Thinking Citizen Blog — Tuesday is Economics, Finance, and Business Day

Today’s Topic: Is the Fed Winging It? Who Knows? Who Cares? Who Should?

Should the Fed be tightening more? or less? Should monetary policy be based on a strict rule or the discretion of the Fed chairman? Does the Fed have too much power? Does the average voter have the knowledge necessary to answer these questions? if not, what should be done about it? Experts — please chime in. Correct, elaborate, elucidate.

TRAINING IN ECONOMICS SHOULD START IN KINDERGARTEN

1. Economics is important and it is relatively hard.

2. But the basic concepts are simple.

3. A perfect fit with math.

NB: Math and economics should be taught together starting in kindergarten.

NO HISTORY, WITHOUT ECONOMICS

1. The history most worth teaching is the history most relevant to decisions citizens must make at the voting booth.

2. No decisions at the voting booth are more important than the ones related to economic policy.

3. But the history of economic policy is a highly charged politicized topic.

NB: Indeed the teaching of economic theory is also highly politicized.

TEACHERS ARE NOT REALLY TRAINED IN ECONOMICS OR HISTORY

1. Houston, we have a problem.

2. So what is to be done?

3. Sweep the problem under the rug?

NB: Whistle in the dark? Is it up to each individual to set up their own economics curriculum and just do the best they can? Should parents be doing this around the dinner table? Thoughts? Anecdotes? Today’s post was inspired by the following article:

Opinion | The Fed Can’t Reduce Inflation by Winging It

FOOTNOTE — the Photos — Three Fed Chairs

1. The legendary Paul Volcker — the “inflation slayer” (1979–1987)

2. The first female Chair — Janet Yellen (2014–2018)

3. The current Chair — Jerome Powell (2018 — Present)

ATTACHMENTS BELOW:

#1 A graphic guide to justice (9 metaphors on one page).

#2 “39 Songs, Prayers, and Poems: the Keys to the Hearts of Seven Billion People” — Adams House Senior Common Room Presentation, 11/17/20

Here is a link to the last four years of posts organized by theme: (including the book on foreign policy)

PDF with headlines — Google Drive

YOUR TURN — Please share:

a.) the coolest thing you learned this week related to business, economics, finance.

b.) the coolest thing you learned in your life related to business, economics, finance.

c.) anything at all related to business, economics, finance.

d.) anything at all

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