The erratic behavior of credit aggregates in recent years has led to questions about whether any credit measure is useful in conducting monetary policy. Empirical evidence suggests that the private component of total credit may provide useful information to monetary policymakers.

Becker posits the "potential demise" of the undergraduate economics major. In his view, the one-two punches of "preachy" lectures on "uncool" topics are seen as delivering knockout blows to the economics major. I argue that it's not clear that Becker has made a strong case for the impending...