This is a nice article, and the comparisons to a war economy are rather valid. The idea that something as complicated as inflation can be controlled just throug

This is a nice article, and the comparisons to a war economy are rather valid. The idea that something as complicated as inflation can be controlled just through a single lever, the central bank interest rates, always seemed somewhat ridiculous. There's certainly a lot of peril this way if market based price control mechanisms get overused, but there's also a lot of peril in trying to cool inflation by just decimating the economy and curtailing investment.