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New York Times economist Paul Krugman appears to have finally admitted defeat on the issue of inflation, adding another notch to his belt of being consistently wrong on economic issues.
Structural inflation is very different from what the economy has experienced lately. It overrides the market mechanism. A classic example: rising college costs.
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Many commentators are crediting disinflation to the Fed’s interest rate hikes, but the more you look at that claim, the less plausible it seems.
When the Federal Reserve meets this month, someone should mention the widely derided Team Transitory from 2021. Remember them? (Full disclosure: I was a…