Surveys show that a basic understanding of economic concepts and a degree of knowledge about monetary policy are essential for inspiring trust in central banks. And trust, ladies and gentlemen, is the core asset of central banks.
* * * I am delighted to address the National Economists Club, and I am also honored on this occasion to be associated with Herb Stein, whose public service and scholarship—characterized by careful analysis, clear-eyed pragmatism, and sharp wit—exemplified the best in our profession.