29 (Chicago: University of Chicago Press);  BIS central bankers’ speeches  1  growth continues to be quite subdued. But I think we can all agree that the recovery in the labor market has been substantial. I am cautiously optimistic that, in the context of moderate growth in aggregate output and spending, labor market conditions are likely to improve further in coming months.
Modern historians agree that the invention of double entry bookkeeping in the fifteenth century was a major driver for modern economic pursuit and capitalism, as it first introduced the maxim “Increase your equity!” Or, in the words of Charlie Munger (of Berkshire Hathaway): “Double entry bookkeeping was a hell of an invention.”  2  BIS central bankers’ speeches  Now even more than it did back then, accounting poses a considerable challenge and uses huge resources.