# Scott Sumner

> Scott Sumner is the economist behind The Money Illusion, the blog that turned an obscure idea - that central banks should target nominal GDP, not just inflation - into a mainstream policy debate. The intellectual force behind market monetarism, he spent 33 years teaching at Bentley before becoming the Ralph G. Hawtrey Chair Emeritus of Monetary Policy at George Mason's Mercatus Center. A late bloomer who bought his first cell phone in 2011, he is also a prolific film reviewer who has watched and rated thousands of movies.

- **Role:** Ralph G. Hawtrey Chair Emeritus of Monetary Policy at the Mercatus Center, George Mason University
- **Organizations:** Mercatus Center (George Mason University), Bentley University, Independent Institute, EconLog / Econlib
- **From:** Michigan, USA
- **Nationality:** American
- **Education:** BA in Economics, University of Wisconsin, PhD in Economics (studied under Robert Lucas), University of Chicago
- **Known for:** Intellectual founder of market monetarism, Popularized nominal GDP (NGDP) targeting as a central-bank framework, Originated the 'Sumner Critique' on the interaction of fiscal and monetary policy

## Career timeline

- **1982** — Began teaching economics at Bentley University in Waltham, Massachusetts
- **1985** — Earned PhD in Economics from the University of Chicago
- **2009** — Launched The Money Illusion blog (February 2, 2009) during the financial crisis
- **2012** — Ranked jointly with Ben Bernanke 15th on Foreign Policy's 100 top global thinkers
- **2014** — Began contributing to EconLog (Econlib)
- **2015** — Retired from Bentley; published The Midas Paradox; joined Mercatus Center as Director of the Program on Monetary Policy
- **2021** — Published The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy (University of Chicago Press)
- **2023** — Published Alternative Approaches to Monetary Policy
- **2024** — Ended The Money Illusion blog and launched a Substack, The Pursuit of Happiness

## Achievements

- Intellectual founder of market monetarism
- Popularized nominal GDP (NGDP) targeting as a central-bank framework
- Originated the 'Sumner Critique' on the interaction of fiscal and monetary policy
- Ranked among Foreign Policy's top 100 global thinkers (2012)
- Named among the most influential economist bloggers by the Chronicle of Higher Education (2012)
- Author of The Midas Paradox and The Money Illusion

## Latest updates

- **2024-09** — Ended the original The Money Illusion blog and moved to a new Substack titled The Pursuit of Happiness.
- **2023** — Published Alternative Approaches to Monetary Policy through the Mercatus Center.

## Links

- Website: https://www.themoneyillusion.com/
- Twitter/X: https://x.com/MoneyIllusion

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Profile page: https://yespress.io/scott-sumner
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Last updated: 2026-06-02