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The Contributors' Column

The Contributors' Column
theatlantic.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theatlantic.com Daily Mail and Mail on Sunday newspapers.

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Building a Better Banking System - LewRockwell LewRockwell.com

Building a Better Banking System - LewRockwell LewRockwell.com
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The Mundell difference | VOX, CEPR Policy Portal


Paul De Grauwe
The opening sentence of Robert Mundell’s 1963 paper “Capital mobility and stabilization policy under fixed and flexible exchange rates” — one of the two most influential in a series of pathbreaking papers he published in the late 1950s and early 1960s — is curious: “The world is still a closed economy, but its regions and countries are becoming increasingly open.”
“Still”? Was Mundell thinking of a future with interplanetary trade, so that eventually the world as a whole
wouldn’t be a closed economy? OK, he probably wasn’t, but if he was, it would have been in character. Mundell, who passed away on 4 April, was an economist ahead of his time.

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