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On Inflation, Economics Has Some Explaining to Do
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Having failed to anticipate the steepest inflation in 40 years, you would think the economics discipline would be knee-deep in postmortems.
Not yet. Outside of a handful of individuals, economists have thus far devoted remarkably little attention to how their theories and models got inflation so wrong. There has yet to be a surge of studies from the National Bureau of Economic Research, the leading outlet for academic economics, on inflation as compared with the gusher of papers on pandemics in 2020.
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