When the Fed’s job was, as former Chair William McChesney Martin famously put it, “to take away the punch bowl” as soon as wages started to rise faster than productivity, intellectual capture was not a concern: central bankers were not spending much time with workers and union leaders.
Cuando la tarea de la Fed era, como lo expresara famosamente su ex Presidente William McChesney, “llevarse la ponchera” en cuanto los salarios comenzaran a elevarse más rápido que la productividad, el solipsismo intelectual no resultaba preocupante: los banqueros centrales no pasaban mucho tiempo debatiendo con trabajadores ni dirigentes sindicales.