Inflation Hysteria = The Big Lie?

[intercst]

Nobel Prize Winner and “Irrational Exuberance” author Robert Shiller explains it all in:

Narrative Economics: How Stories Go Viral and Drive Major Economic Events
https://blogs.lse.ac.uk/lsereviewofbooks/2020/02/18/book-rev…

In a world in which internet troll farms attempt to influence foreign elections, can we afford to ignore the power of viral stories to affect economies? In this groundbreaking book, Nobel Prize–winning economist and New York Times bestselling author Robert Shiller offers a new way to think about the economy and economic change. Using a rich array of historical examples and data, Shiller argues that studying popular stories that affect individual and collective economic behavior?what he calls “narrative economics”?has the potential to vastly improve our ability to predict, prepare for, and lessen the damage of financial crises, recessions, depressions, and other major economic events.

If you tell a lie often enough it becomes the truth.

intercst

[PucksFool]

Thanks. I just downloaded the audiobook from my library. 4 or 5 bike rides worth of economics.

[Leap1]

The US needs to act. The consensus in the middle is a stalemate with no one putting up any objectives.

We just had 40 years of supply side econ. It never worked. We have massive deficits. We have massive trade imbalances. We have lost much of our manufacturing base. We have lost our efficiencies of scale. Too easy to call the whole of it a failure.