Charles I. Plosser, chairman and CEO of the Philadelphia Federal Reserve Bank, believes our constantly changing world will be full of surprising new developments that enhance economic welfare.

In brief, that is Plosser’s take on the future of innovation and our nation’s prospects for economic growth.  Just recently Plosser spoke on the topic of “Economic Growth and Monetary Policy:  Is there a new normal?” at the George Washington University and Princeton University’s Griswold Center for Economic Policy Studies.

Plosser said he believes human ingenuity and innovation will continue to be a source of productivity growth. However, we should not be complacent about our future. Productivity is the ultimate means to economic prosperity, Plosser said, and we should undertake policies that promote innovation and technological progress – and eliminate practices that discourage such progress.

Read the full address here: www.philadelphiafed.org/publications/speeches/plosser/2014/11-13-14-fed-and-monetary-policy.cfm

Links:   www.philadelphiafed.org