Interesting read, if rather inside baseball.

in inflation •  last year 

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https://www.newyorker.com/news/persons-of-interest/what-if-were-thinking-about-inflation-all-wrong

I think there's good reason this person was vilified as stupid by both conservative and liberal economists. If the article accurately describes her, she's a time traveler from 1930s economic orthodoxy who's unaware of the nearly century of learning that completely undermines her claims.

But anyone who thinks "economic controls worked great in WWII" has to ignore the material privation of the average person that occurred during those years. They have to ignore the way price controls likely prevented production. They must be unaware of how price controls were circumvented whenever possible (for example, by offering medical insurance when you couldn't offer more pay). They have to ignore that queuing is part of the price. And of course they have to ignore the Mises/Hayek lesson that there is no way even in theory for government to determine the proper prices.

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@tipu curate