What gets me here is the complete unwillingness to accept the reality test. Here you have monetary economists who made a totally wrong prediction, at a time when other people were not only getting it right, but explaining carefully both the theoretical and the empirical basis for their prediction. Yet the reaction of those who wrongly predicted runaway inflation is to assert that (a) nobody could have predicted (even though some us did) and (b) it’s just special circumstances. The possibility of conceding that their model was wrong never seems to cross their minds. krugman.blogs.nytimes/
Posted on: Thu, 20 Mar 2014 10:28:10 +0000
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