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On Inflation, Economics Has Some Explaining to Do

Having failed to anticipate the steepest inflation in 40 years, you’ll suppose the economics self-discipline can be knee-deep in postmortems.

Not but. Outside of a handful of people, economists have so far devoted remarkably little consideration to how their theories and fashions bought inflation so unsuitable. There has but to be a surge of research from the National Bureau of Economic Research, the main outlet for tutorial economics, on inflation as in contrast with the gusher of papers on pandemics in 2020.