Allan H. Meltzer

Allan H. Meltzer, born on February 6, 1928, was a prominent American economist whose influence extended through academia and public policy. He held the esteemed position of Allan H. Meltzer Professor of Political Economy at Carnegie Mellon University's Tepper School of Business and the Institute for Politics and Strategy in Pittsburgh, Pennsylvania.

Specializing in monetary policy and the Federal Reserve System, Meltzer made significant contributions to the understanding of central banking in the United States. His extensive body of work includes numerous academic papers and books that delve into the intricacies of monetary policy development and its applications.

In collaboration with Karl Brunner, Meltzer co-founded the Shadow Open Market Committee, a monetarist council that provided critical insights and critiques of the Federal Open Market Committee. His thought-provoking aphorism, 'Capitalism without failure is like religion without sin. It doesn't work,' encapsulates his belief in the necessity of allowing companies to fail to maintain accountability and discipline within the market.