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Path dependence probably deserves more attention than it gets.
Even if every single economist at the Fed said, "We've decided the best course of action is to shut the Fed down," you'd still get a bunch of pols and business execs opposed to it, simply because their plans were optimized for a world in which the Fed exists.
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I've never thought to deeply about it, but the question of what the Fed should do, given that it can't simply shut itself down, is interesting.