Speaking of Business: Among Economists, Eclecticism Is All the Rage
When E. Gerald Corrigan was chosen to head the Federal Reserve Bank of New York, he was asked whether it was true that he did not consider himself a monetarist.</br></br>"That is very correct," he replied, adding that he opposed such "economic rules." But he went on to muddy the water by saying that he does believe in controlling money-supply growth "over time."</br></br>It isn't easy to sort that out, but it would appear that Mr. Corrigan belongs to the growing ranks of economic eclectics. Federal Reserve Chairman Paul Volcker, Mr. Corrigan's close friend and associate, surely is eclectic, and the two Fed officials agree on almost everything.</br></br>An eclectic, according to the dictionary, is someone who selects his ideas "from various systems, doctrines or sources." Somehow it has come to be seen as a virtue that a person is unable to make up his mind.</br></br>Monetarist Karl Brunner suggests that an eclectic is someone who on Monday thinks the earth revolves around the sun, while on Tuesday it's the other way around.