So, let me discuss how these policies – some long-in-the-making – might be reformed to restore the purpose and promise of our prosperity. Then, I will return to the conduct of monetary policy. Sharing the burden We can no longer afford to tolerate economic policies that are preoccupied with the hereand-now.
Chronic short-termism in the conduct of economic policy has done much to bring us to this parlous point. Think of your businesses in the public markets – and the harm that can be done to long-term prospects – if you were to do nothing but yield to the whims of analysts and the tyranny of quarterly measures.