fed starts to catch up to the Austrians: Focus on the micro and the macro will f

http://www.richmondfed.org/publications/research/region_focus/2011/q1/pdf/cover_story.pdfThe fed starts to catch up to the Austrians: Focus on the micro and the macro will follow. Economics is a process of invention, not discovery. Our job is to improve the institutions that make economic cooperation possible. And that’s chiefly accomplished through superior information gathering, and cautious regulation that acknowledges human foibles.