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I don't believe in economic "consensus". Just a few months ago, they were talking about how inflation was "transitory" until it wasn't.
by al_mandi 4y ago
I don't believe in economic "consensus". Just a few months ago, they were talking about how inflation was "transitory" until it wasn't.
- cco 4y agoYa know the funny thing is, when you start to scratch at the surface of the main drivers of "inflation" over the past year, you start to find a lot of non-competitive markets, that is to say, price gouging. My current reading is that the "consensus" wasn't wrong per se, just maybe naive? So far as I can tell, "true" inflation was minor and relatively transitory. What wasn't is problems like collusion amongst a small handful of market owners and other consequences of extreme consolidation like one factory for formula going down erasing 40% of formula production over night. That's my take right now at least.