4 ms·
This is playing out currently, quite openly, as the FTC investigates whether companies have raised prices more than costs have risen from inflation. It's becomi
by routerl 5y ago
This is playing out currently, quite openly, as the FTC investigates whether companies have raised prices more than costs have risen from inflation. It's becoming increasingly clear that the academic economic consensus is, simply, disconnected from how markets actually operate. For instance, while each day has brought a new study of consolidated companies engaging in pandemic price gouging, academic establishment luminaries like Larry Summers continue to argue that antitrust is unrelated to inflation.
We're in a true "Emperor's new clothes" moment.
- seizethecheese 5y agoLarry Summers was 100% right about impending inflation. He’s been totally vindicated. I’m suspicious of where you are getting your information and suspect it’s politically motivated.
- djenendik 5y agoActually he was a third right: https://www.newyorker.com/news/our-columnists/is-larry-summers-really-right-about-inflation-and-biden https://www.newyorker.com/news/our-columnists/is-larry-summe...
- hackernewds 5y agoLarry Summers has been wrong numerous other times and this is pure confirmation by settling on one where he hasn't been. Broadly this is the basis for macroeconomics jumping from one "analyst" to another with the benefit of hindsight. Just look at how many diff predictors for recessions there are - the yield curve was supposed to be the best one. When a recession does occur, economists will prove to the one that was correlated to predict the next one.