Free exchange: Stanley Fischer and the twilight of technocracy

Posted: September 15, 2017 in economy
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Stanley Fischer and the twilight of the technocrat

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Free exchange

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IN 2004 Stanley Fischer described the wonder he felt as an economics student in the 1960s. “You had a set of equations”, he said, “that meant you could control the economy.” Technocracy—the dream of scientific government by a caste of wise men—arose in the 20th century, as rapid change rendered the world unfathomably complex; in economics, it came of age in the Keynesian revolution of the 1930s. On September 6th, after a remarkably distinguished career in public service, Mr Fischer, an intellectual heir to Keynes, announced his imminent retirement as the vice-chairman of the Federal Reserve. It is …

via Economic Crisis http://ift.tt/2xom6o3

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