No, by the way.
Or at least not necessarily.
Oddly enough I've seen more references to this from Bob's friends than from Brad's! Austrian economics is a broad set of ideas. Some of these ideas may have mislead Bob and others into 10 percent inflation predictions but there were a lot of other Austrians that were cautioning against forecasts like that.
Inflation predictions are more of a Rorschach test for how you think about the quantity theory than they are a test of Austrian economics.
Monday, December 31, 2012
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Oddly enough I've seen more references to this from Bob's friends than from Brad's!
ReplyDeleteYou're saying Krugman and DeLong don't think my bad price inflation forecast has any bearing on whether my broader economic model is right or wrong?
Sometimes I think you just have to be pulling my leg.