Professor Scott Sumner of Bentley University delivered the Adam Smith Institute’s annual Adam Smith Lecture on Tuesday, June 17th 2014. He called for inflation targeting to be scrapped and replaced with a mandate for the Bank of England to target total spending instead.
Scott B. Sumner is an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation. He has been hailed as the "blogger who saved the economy".