Inflation hawks and doves are at it again. The hawks warn we've done too much and risk inflation. The doves counter that doing too little will scar people.
I totally agree with your analysis that we are unlikely to see significant demand pull inflation. I am more worried we might see cost push from our over-monopolized, incredibly fragile, just-in-time supply chain collapsing in key sectors. Which I fully expect everyone to blame on too much spending anyways (just like in the 70's) dooming us to austerity and high unemployment until we elect a competent fascist.
The macro men gatekeepers seems like the only necessary sentence to me! Theoretical macro has always been a joke. I can invent laughable assumptions and fantastical systems of equations too. But I'm a statistician with integrity, not an on the spectrum Randian asshole trying to take the relevant n of <= 3 and mathify my oligarchic and mean spirited ideology to confuse the plebes into letting me and my rich friends take literally everything in rents and leave zero for wage growth for generations for those who've been allowed in the economy for a while (white men). It proves the point that the "progressive" option is Summers (as opposed to, say, the personable but straight evil Mankiw).
I totally agree with your analysis that we are unlikely to see significant demand pull inflation. I am more worried we might see cost push from our over-monopolized, incredibly fragile, just-in-time supply chain collapsing in key sectors. Which I fully expect everyone to blame on too much spending anyways (just like in the 70's) dooming us to austerity and high unemployment until we elect a competent fascist.
e.g. https://mattstoller.substack.com/p/what-we-can-learn-from-a-big-boat
A more recent take on the inflation fear:
https://marcusnunes.substack.com/p/inflation-mongering-is-back
More than 8 months ago, I thought the inflation mongers were mistaken.
https://thefaintofheart.wordpress.com/2020/07/20/after-covid19-inflation/
The macro men gatekeepers seems like the only necessary sentence to me! Theoretical macro has always been a joke. I can invent laughable assumptions and fantastical systems of equations too. But I'm a statistician with integrity, not an on the spectrum Randian asshole trying to take the relevant n of <= 3 and mathify my oligarchic and mean spirited ideology to confuse the plebes into letting me and my rich friends take literally everything in rents and leave zero for wage growth for generations for those who've been allowed in the economy for a while (white men). It proves the point that the "progressive" option is Summers (as opposed to, say, the personable but straight evil Mankiw).