Has Quantitative Easing worked?

“No-one will ever know, but the Bank of England remains impotent when it comes to controlling demand in the economy.” This is the conclusion of FT commentator Chris Giles in a short video discussing the effects of Quantitative Easing, a policy which was ended at the meeting of the Monetary Policy Committee in February 2010, a year after it was introduced. Should we surprised? In the absence of a coherent body of economic theory, which takes account of the workings of the land market and how people act in it, what else can be expected? Watch this three minute video here