A nice short note by Natalia Kolesnikova of St Louis Fed.
She begins with linking education to wages:
John Taylor of Taylor Rule fame in this short speech (HT: his blog) shows how US policymaking has flip-flopped between rules and discretion over the years. This in turn has effected the policy and economic outcomes.
It shifted to discretion based in 1960s leading to Great Inflation in 1970s, then in 1980s back to rules based and the stable years. Finally in 2000′s again shifted to discretion leading to prolonging the crisis.
In the end he asks, why this flip-flop? The answer could be dissatisfaction with existing economic outcomes. He is hopeful that this might lead to shift to more rules based policy now:
PM’s Economic Advisory Council was asked to review the proposed National Food Security Bill. Here is the Final Report and here are the Highlights of the report. It was released last week but I completed it only now.
NFSB has been proposed to address the huge health deficiency in the country.