The Fed: A Cost-Benefit Reckoning
By Bryan Caplan
Steve Miller and I have a question on the latest Kauffman econ bloggers’ survey. Namely:
Taking into account its entire history, do you think the Federal Reserve has done more harm than good?
All things considered, this is an amazingly anti-Fed result. Kauffman participants span a wide range of political views, and status quo bias is a powerful force. Nevertheless, the median respondent isn’t convinced that the Fed has been a net benefit. And it’s been around for almost a century now! If you’ve got even a mild moral presumption against government action, this ambivalence is especially telling.
P.S. In other news, my SRtHMK podcast with Russ Roberts is now up.