In late 2007, the United States entered the single greatest economic downturn since the Great Depression. Production declined. Unemployment increased. And many Americans were left wondering why. Scott Sumner argues that the real problem was nominal. By failing to stabilize nominal spending, the Federal Reserve turned an otherwise unremarkable downturn into a global economic catastrophe.
Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University and a professor emeritus at Bentley University. He is also the author of the popular economics blog "The Money Illusion" and was named one of the “top 100 global thinkers” by Foreign Policy in 2012. Sumner received his Ph.D. and M.A. in economics from the University of Chicago and his B.A. in economics from the University of Wisconsin.
Thursday, March 22 at 5:00pm
Community Foundation Theater in the Gund Gallery
101 1/2 College Drive, Gambier, Ohio 43022