Mr. Romney, it’s not really your fault. You attended Harvard Business School in the early 1970s. This was a high water mark for Keynesian economics which ruled, virtually not only without challenge, but virtually without even the knowledge that there was any alternative.
Later, the rise of stagflation would open a national debate between Keynesianism and supply-side thinking, but by then you were no longer studying economics and were embroiled in the day-to-day challenges of business management. You missed Robert Mundell and Art Laffer’s challenge to the academic status quo. You missed Milton Friedman’s refutation of the socialist model, as well as Hayek and Von Mises’ case for the denationalization of money. In other words, you missed almost everything a future president would need in order to understand the way the world works when it comes to currency markets.
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