Stephen Gordon of Laval University and Jim Stanford of McMaster are two of Canada’s better economic commentators. Both professors are passionate and articulate; they also rarely agree. Gordon tends to enter stage right; he is less than enthusiastic about Prime Minister Justin Trudeau’s deficit spending–plan, for example. Stanford, a former union economist who tacks left, thinks the idea is brilliant.
Over the summer, Gordon and Stanford separately devoted columns to the most under-reported Canadian business story of 2016: within a few months, Finance Minister Bill Morneau and Bank of Canada Governor Stephen Poloz will agree on the parameters the central bank will follow for the next five years. Gordon calls it the “single most important decision” Morneau will make as finance minister. This could be the Trudeau government’s only chance to influence monetary policy. That’s significant because there are growing doubts about whether central banks are going about their work the right way.
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