How The Federal Reserve Distorts The Economics Profession--And Why We Suffer.

There is an amazing piece of investigative and analytical journalism on the HuffPost showing how the Federal Reserve and its market-is-always-right kind of economic theory has shaped the entire economics profession. We all need to read—and re-read—this piece. It shows how ideology, not social science professionalism, shaped policy in the US and around the world (since the US exported this ideology everywhere). And it shows how Alan Greenspan, believer and enforcer of this ideology, was instrumental in promulgating it—until he admitted he was totally wrong.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.