Should the economics profession be judged on its ability to predict the economy's twists and turns? Not according to Cleveland Federal Reserve Bank President Jerry L. Jordan, who argues that an economist's real contribution lies not in eliminating the uncertainties of the marketplace, but in...

An argument by Federal Reserve Bank of Cleveland President Jerry Jordan that the proper focal point of public policy is not creating jobs but creating wealth, thus allowing for the highest standard of living.

Cross-disciplinary ‘happiness research’ has made big progress in the measurement of individual welfare. This development makes it tempting to pursue the old dream of maximizing aggregate happiness as a social welfare function. However, we postulate that the appropriate approach is not to...

Cross-disciplinary ?happiness research? has made big progress in the measurement of individual welfare. This development makes it tempting to pursue the old dream of maximizing aggregate happiness as a social welfare function. However, we postulate that the appropriate approach is not to...