I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.

Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not.

The distribution of wealth is even more unequal than that of income. ...The wealthiest 5% of American households held 54% of all wealth reported in the 1989 survey. Their share rose to 61% in 2010 and reached 63% in 2013. By contrast, the rest of those in the top half of the wealth distribution —families that in 2013 had a net worth between $81,000 and $1.9 million —held 43% of wealth in 1989 and only 36% in 2013.

After adjusting for inflation, the average income of the top 5% of households grew by 38% from 1989 to 2013. …By comparison, the average real income of the other 95% of households grew less than 10%.

Listening to others, especially those with whom we disagree, tests our own ideas and beliefs. It forces us to recognize, with humility, that we don't have a monopoly on the truth.

To me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target.

Are deviations from full employment a social problem? Obviously.