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> Unfortunately the fringe that believes in it are central bankers. What seems more likely? - Central bankers who control the economy do not understand the ba
by gilmore606 4y ago
> Unfortunately the fringe that believes in it are central bankers.
What seems more likely?
- Central bankers who control the economy do not understand the basic principles of the system they manage.
- They lie about their motivations for political reasons.
- native_samples 4y agoSure. We're well into "Hard to make a man understand something if his salary depends on him not understanding it" territory here. The more interesting question is, if you incentives are strong enough to want to deny the nature of a system, do you become a liar or do you genuinely stop understanding it? Was Yellen's bafflement at the non-transitory inflation a mere act, or was it genuine confusion caused by a core corruption of her own understanding of basic economics?