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Maybe he deserves admiration rather than scorn.
And he is right much more than he is wrong.
The guy is rarely correct not usually correct.
People like this being wrong. But let’s give him a pay on the back and have a group hug because he said it out loud.
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You deserve every bit of BOVZO.
I'd say those are major errors.
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Krugman is saying...here's an excerpt from that column....
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Even so, historical experience wouldn’t have led us to expect this much inflation from overheating. So something was wrong with my model of inflation — again, a model shared by many others, including those who were right to worry in early 2021. I know it sounds lame to say that Team Inflation was right for the wrong reasons, but it’s also arguably true.
One possibility is that historical experience was misleading because until recently the economy was almost always running a bit cold — producing less than it could — and inflation didn’t depend much on exactly how cold it was. Maybe in a hot economy the relationship between G.D.P. and inflation gets a lot steeper.
Also, disruptions associated with adjusting to the pandemic and its aftermath may still be playing a large role. And of course both Russia’s invasion of Ukraine and China’s lockdown of major cities have added a whole new level of disruption.
"Looking ahead, the economy is currently cooling off — the decline in first quarter G.D.P. was probably a quirk, but overall growth seems to be running below trend. And private sector economists I talk to mostly believe that inflation either has already peaked or will peak soon. So things may seem less puzzling a few months from now.
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My take is that the Pandemic and Ukraine War impacts were not either anticipated or adequately appreciated...however, in his closing remarks he notes his agreement with others that "...inflation either has already peaked or will peak soon..."...we'll see what happens.
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unpredictability of domestic and worldwide responses to the COVID pandemic and Putin's sudden invasion of Ukraine...I'm not convinced that there are any economists who correctly factored those unique events into their analyses.
Yes, Paul Krugman admitted that he was wrong...but I don't see anyone else getting it 'right' for the right reasons...also, the considered opinion of most economists...and the NY Fed, I recall...is that inflation should peak shortly...baring any new 'shocks' like a more malevolent COVID variant, or outrageous act by Putin.
All you seem to be interested in is hearing the word 'wrong', with no desire to understand 'why'...btw, were you prescient enough to predict the rise in JetA prices before and even at the start of the pandemic?...or before Putin invaded Ukraine?...or the drop in prices recently, which might just impact the next inflation report?
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telling us loud and long how he ho it right.
Integrity has no relationship with FOX and it’s viewers.
But glad you pointed it out. This just to prove, the NYTIMES works to get news and opinions fact correct. Not like the corrupt extreme right wing yellow journalists.
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