That's something that blows me away, that these people are basically lying about the fundamentals written in every macroeconomics textbook. It isn't some alt-right version of economics that talks about the effects of interest rates, reserve requirements, and QE on prices, it's the normal course every economist had to take.
They are also lying about stagflation, and they aren't doing anything to prepare the world for the fact that stagflation is one of the most difficult economic conditions to deal with.
They are also lying about stagflation, and they aren't doing anything to prepare the world for the fact that stagflation is one of the most difficult economic conditions to deal with.
Yeah, absolutely. It's a social science and not a hard science so the things involved aren't laws of physics but identified patterns in the data over decades and centuries. But just as you said, these people aren't suggesting a new model. They're just rejecting their own models because this week they're not consistent with the story they want to tell.
It's the same as "A recession is two quarters of economic decline just kidding recessions only exist when we say it exists and it doesn't exist because that would be stagflation which would be incredibly inconvenient for us"
It's the same as "A recession is two quarters of economic decline just kidding recessions only exist when we say it exists and it doesn't exist because that would be stagflation which would be incredibly inconvenient for us"
That's one of my pet peeves is seeing people complaining about a "lack of flexibility" in the economy, usually related to the ability to create dodgy fintech to make massive amounts of money without ever coming close to adding any actual value to the economy.