Yes, the Fed's Target Is Now too High. Why Do You Ask?

Dylan Riley (2003): Privilege and Property: The Political Foundations of Failed Class Formation in Eighteenth-Century Austrian Lombardy: "Political society is reducible neither to interests in civil society, nor to the state.... The structure of political society matters for group formation.... A political society, in which actors make claims on the state in terms of privileges attached to residence, rather than property ownership, inhibits class formation even when other factors, such as the relations of production, state pressure, and culture, promote it. Where such a political organization is not broken, class formation will not occur even in the presence of strong economic, state-centered, and cultural pressures...