Archive for Inflation

Why Money Doesn’t Measure Value

Marc Miles (an economist I’ve cited in some of my more mainstream policy work) was also flummoxed by the mischievous David Gordon, so I thought I needed to be the diplomat. The best part of the post: [S]uppose the government follows Forbes and Ames’ advice, and pegs the dollar-price of an ounce of gold. Then […]

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The Science Is Settled on the Threat of Man-Made Price Change

In a recent post I reproduced this funny excerpt from Cliff Asness’ thoughts on his 2010 open letter to Ben Bernanke warning of (price) inflation: At the risk of enraging a whole different group (I promise I’m not denying anything I’m just making an analogy, and one I know is very far from dead on) […]

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If You Can’t Trust the BLS, Who *Can* You Trust? Grocery Store Edition

I don’t often harp on this topic–though many of my correspondents get mad at me for “ignoring” it–because it looks like I’m moving the goalposts. Having said that, has anyone noticed how the amount of food is getting cut way back in the packaging at the grocery store?! I get sushi a lot, in a […]

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“Stable Prices”: A Lesson in Fed-Speak

There is a lot to say about Janet Yellen’s remarks today about the Fed’s latest meeting, but I wanted to highlight something that always bothers me in these affairs. From the Bloomberg article: Yellen and her Fed colleagues are debating how much longer to keep interest rates near zero as they get closer to their […]

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Krugman Admits His Model Has Been Wrong Since Great Depression

Them’s fighting words, huh? It’s not worth summarizing; if you are into this stuff, click the link and read.

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On Mises’ Use of the Term “Inflation”

Since there have been attempts lately to argue that modern-day Misesians are incorrectly stating the master’s position, I thought it helpful to clarify.

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Quick Observations on Inflation in the 1970s

“Gold bugs” take it for granted that it was no coincidence that the US got hit with stagflation in the 1970s, because Richard Nixon infamously severed the dollar’s last tie to gold in 1971. Others, however, dispute this connection. So I thought it worthwhile to make a simple case in defense of the gold bugs: […]

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In Defense of Permabears

In his never-ending campaign to discredit those who warned of financial bubbles before the 2008 crash, Scott Sumner recently quoted with approval the following from Alan Reynolds’ 2010 analysis of Shiller’s thoughts on investing: On the March 9 anniversary of the stock market implosion a year ago, a front-page story in the Wall Street Journal […]

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