Allan H. Meltzer

Allan H. Meltzer (/ˈmɛltsər/; February 6, 1928 – May 8, 2017) was an American economist and Allan H. Meltzer Professor of Political Economy at Carnegie Mellon University's Tepper School of Business and Institute for Politics and Strategy in Pittsburgh, Pennsylvania. Meltzer specialized on studying monetary policy and the Federal Reserve System, and authored several academic papers and books on the development and applications of monetary policy, and about the history of central banking in the United States.

Together with Karl Brunner, Meltzer created the Shadow Open Market Committee, a monetarist council that deeply criticized the Federal Open Market Committee. Meltzer originated the aphorism "Capitalism without failure is like religion without sin. It doesn't work", that is, guarding companies from failure "removes the dynamic process that makes stockholders responsible for losses and disciplines managers who make mistakes."