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Reading course: Central Banking

Summary:
From Asad Zaman I am in process of creating an online course on the history of Central Banking. The era of online courses has been forced upon us by the Corona Virus, though I have been meaning to do this for a long time. The WEA Pedagogy Blog seems like a great place to do a beta-test. I would like to start by inviting the audience to read through Charles Goodhart’s book on the Evolution of Central Banking. We would plan to read one chapter a week and discuss it on posts and/or comments on posts on this blog. Those who formally register on the Google Form: History of Central Banking will be put on an email discussion group for the book, and also get a link to download a copy of the book itself. Some motivation for why it is worth reading this book is given below: Conventional Macro

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from Asad Zaman

I am in process of creating an online course on the history of Central Banking. The era of online courses has been forced upon us by the Corona Virus, though I have been meaning to do this for a long time. The WEA Pedagogy Blog seems like a great place to do a beta-test. I would like to start by inviting the audience to read through Charles Goodhart’s book on the Evolution of Central Banking. We would plan to read one chapter a week and discuss it on posts and/or comments on posts on this blog. Those who formally register on the Google Form: History of Central Banking will be put on an email discussion group for the book, and also get a link to download a copy of the book itself. Some motivation for why it is worth reading this book is given below:

Conventional Macro teaches us that Money is a VEIL – It hides the working of the real economy. Conventional Macro Models currently in use are RBC – Real Business Cycles – in which there is no role for money.

This is exactly the OPPOSITE of truth. Money is at the HEART of economics. We cannot understand the economy without understanding the role of money in the economy. However, conventional economics with its math and models actually HIDES the role of money. The best way to understand money is to study the EVOLUTION of role of money – how it started to be used and how this used changed with time.

For this purpose, it is convenient to start with a study of the history of CENTRAL BANKING – because Central Banks are at the heart of how money operates. The way money works has changed radically, several times, over the twentieth century, But to understand what happened in the 20th Century it is useful to go back to the beginning, and trace developments.  read more

Asad Zaman
Physician executive. All opinions are my personal. It is okay for me to be confused as I’m learning every day. Judge me and be confused as well.

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