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"central banking *is* the apex institution of the Gutenberg Galaxy: it operates by sequence (inflation today predicts inflation in 18-24 months), by linearity (the Phillips curve, the policy lag, the transmission mechanism), by quantification (targets, dot plots, forward guidance), by hierarchical authority, by audited, time-stamped, paper-trail decision-making, and by the assumption of a homogenous national or supranational economic body that can be steered by uniform price signals."
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Attributed assertion · Central banking operates by sequence, linearity, quantification, and hierarchical authority.
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Byte offset 1679 · length 487 bytes
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