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Inflation is in the mind

Kevin Drum expands on Paul Krugman and Tyler Cowan wondering why people are so worried about inflation at a time when a) there isn't any and b) it would actually do us some good. Judging from what i've seen in comments sections, there's also the fact that you can't disprove inflation (not that i've personally tried, mind you. It's bad enough that i read comments sections on political blogs). Show people whatever charts you want, the response will be "Are you crazy? Haven't you seen the price of gas/milk/comic books/etc.?" By the time you've explained that there are unique circumstances for those particular commodities that don't reflect an overall rate of inflation, you've already lost anyone's interest, especially if someone else is telling them that we're having all this inflation because the Fed is "printing money".

By fnord12 | April 8, 2014, 9:12 PM | Liberal Outrage