In an interview with the paper, hesummarized his message: "You're responsible for your safety, and you should be responsible for the person next to you, " he said.
Though the line was widely criticized by many as gobbledygook, those who stopped to think realized he had very pithily summarized entire books by Nicholas Nassim Taleb about uncertainty and Black Swans.
How can they reasonably be summarized into two or three indicators to be communicated effectively, he asked, and how difficult would it be to reach a consensus within the Fed.
Professor Neumark summarized some of their findings in a column published in the Wall Street Journal last summer, and he discusses the basic economic theory (and the evidence) in a short, accessible 2006 Policy Study for the Show-Me Institute.