I saw Paul Krugman yesterday on Newshour admitting he'd been wrong about inflation. Today we got another bad report.
I never wrote this, so take it with some salt, but I believe back in the day, when MMT (modern monetary theory) was the hot topic that I remembered back in the middle 60's when economists believed they had solved the problem of balancing growth and inflation. They hadn't.
I'm tempted to say that it's a generational thing--humans become overcome by hubris, they push too far and meet trouble and learn to pull back, but as time goes on those with scars die off and the stage is set for another round of hubris.
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