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Tuesday, July 23, 2013

Never Having to Say You're Sorry

On the "inflationphobes":
This Time Was Predictable, by Paul Krugman: Bruce Bartlett continues his interesting series on inflation panic, this time focusing on the economists and politicians who keep predicting runaway inflation year after year after year, and never seem to acknowledge having been wrong. ...
And that ... gets at the true sin of the inflationphobes. They were wrong; well, that happens to everyone now and then. But the question is what you do when events prove your doctrine wrong — especially when they unfold almost exactly the way people with a different doctrine predicted. Do you admit that maybe your premises were misguided? Do you admit that maybe those other guys were on to something? Or do you just keep predicting the same thing, never admitting your past mistakes?

Guess what the answer turned out to be.

    Posted by on Tuesday, July 23, 2013 at 09:30 AM in Economics, Inflation | Permalink  Comments (6)


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