In many spheres of human endeavor, from science to business to education to economic policy, good decisions depend on good measurement.
Ben BernankeRead
The Federal Reserve, like other central banks, wields powerful tools; democratic accountability requires that the public be able to see how and for what purposes those tools are being used.
Interpretation
What this quote means
Central banks should operate transparently to ensure public trust and accountability.
The quote emphasizes the importance of transparency and accountability in the operations of central banks like the Federal Reserve. It suggests that since these institutions hold significant power over the economy, the public has a right to understand how that power is exercised and for what reasons, ensuring that their actions are aligned with democratic principles.
Themes
TransparencyAccountabilityCentral BanksPublic TrustEconomics
In practice
Example use cases
This quote can be used in a discussion about financial policy reforms in an economic seminar.
More from Ben Bernanke
All quotes βEducation - lifelong education for everyone - from toddlers to workers well advanced in their careers - is indeed an excellent investment for individuals and society as a whole.
Ben BernankeRead
Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game.
Ben BernankeRead
Life is amazingly unpredictable; any 22-year-old who thinks they know where they will be in 10 years, much less in 30, is simply lacking imagination.
Ben BernankeRead
The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
Ben BernankeRead
Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
Ben BernankeRead
Similar quotes
Large fortunes are all founded either on the occupation of land, or lending or the taxation of labor.
John RuskinRead
Economic growth and environmental protection are not at odds. They're opposite sides of the same coin if you're looking at longer-term prosperity.
Henry PaulsonRead
Modern economics is a set of formal models and equations purporting to fully determine human behaviour, at least in the economic realm. And there is no way that uncertainty can be compressed into determinate mathematical models.
Murray RothbardRead
When people from organizations like the World Bank descended on Third World countries, they always tried to remove obstacles to development, to reduce economic anxiety and uncertainty.
Malcolm GladwellRead
A global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital.
George SorosRead
All systems are capitalist. It's just a matter of who owns and controls the capital -- ancient king, dictator, or private individual. We should properly be looking at the contrast between a free market system where individuals have the right to live like kings if they have the ability to earn that right and government control of the market system such as we find today in socialist nations.
Ronald ReaganRead