Αντιγράφω επιστολή αναγνώστη στην Εκόνομιστ της 17 Νοεμβρίου 2022. Δεν φταίει η ζήτηση – μήτε και η ευνοϊκή μακροοικονομική πολιτική στον χρόνο της πανδημίας. Η διαμάχη καλά κρατεί.
“It has been so long since we faced the inflationary effects of the oil crisis in the 1970s that I wonder if Friedmanite monetarist assumptions are now so instinctive in thinking about inflation that the economics professionals are getting it wrong this time. Those assumptions may be preventing the current problems of supply-side disruption caused by the pandemic, China’s lockdowns, the retrenchment of global trade and immigration and an oil market affected by the Ukraine war from receiving the primacy of attention they deserve.
It would seem reasonable to expect that it will take some years for the private sector to rebalance our economies with targeted government help and for central banks to play a secondary role this time. The ‘excess’ pandemic spending of recent years may be the only thing keeping many afloat as the world adjusts.”
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