Mises Daily
Author:
Thorsten Polleit
Online Publish Date:
of sound money rests on two key factors. Firstly, the conduct of monetary policy has been transferred to “politically independent” central banks. Politicians’ the ECB and the Bank of Japan – have been making efforts to end their low rate policies and bring interest rates up to more normal levels. However, will they could also undermine the economic incentive for bringing about product and process innovations, thereby making the overall economy less efficient. Ensuing