The World We Live in Right Now Is a Keynesian One

Paul Krugman:

Memories Of Scare Tactics Past: [T:]he spring of 2009 was also the period of the great inflation scare, in which everyone from Glenn Beck to Federal Reserve presidents was warning us that an awful surge in prices was just around the corner. Funny how that didn’t happen. Now, everyone makes wrong predictions. But this particular failure goes deeper than just not seeing what was coming. At the heart of the inflation/deflation debate was and is a debate between two visions of...