Monetary aggregates like M1 and M2 have become less reliable... - James Tobin

"Monetary aggregates like M1 and M2 have become less reliable indicators as financial innovation accelerates."

James Tobin

Economist Theorist American 1918–2002

More from James Tobin

"Money is a veil: behind the money veil there are only goods, and people must not be confused about this."

"The economy is not something that exists for its own sake."

"We are not obliged to believe that only one culture will survive."

"Inflation is always and everywhere a monetary phenomenon."