There Is in Economics a Peculiar Tenacity of Error--a Perpetual Principle of Resuscitation in Slain Absurdity...

The Economist is setting up a tourney-ground for economists at: http://www.economist.com/economics/by-invitation

The Economist asks: "Is inflation or deflation a greater threat to the world economy? Should policymakers focus more on structural adjustments or aggregate demand?"

I am invited to contribute. But I am going to retire from the lists and, instead, turn over my lance and my destrier to one of my teachers--a man who I think has the very best answer to this question.

Here is...