For a while now I have shared my theory that Scott Sumner, chief architect of the “target NGDP” proposal on the blogosphere, is actually playing a game with all of us. He has somehow managed to hoodwink not only Brad DeLong and Tyler Cowen but even David R. Henderson. Perhaps because of the metal plate they put into my head after a freak childhood accident, for some reason I have been immune to Sumner’s powers. (He even hypnotized Goldman Sachs! The man is unstoppable.)
The true irony in all of this is that Scott, like a serial killer, is begging to be caught. I have previously documented Scott saying that even if his policies do nothing but lead to rising price inflation, he will have no regrets. Since he got away with that one, Scott has upped the ante once again. In the comments of a recent post he declared:
In any case, I am still waiting for someone to give me an intelligent reason why inflation matters at all. Every reason I’ve heard thus far is simply a mistake in reasoning. They all apply to NGDP or RGDP, not inflation. Inflation doesn’t matter. Maybe I’ll have to offer a $100 reward: “Why should I care about inflation?”
C’mon guys, wake up! If you found out your doctor said, “In any case, I am still waiting for someone to give me an intelligent reason why cancer matters at all,” would you be so keen on his unorthodox new chemo treatment?