Wage-Price Inflation and the Way Things Work In Economics

There's an old saying in economics that it doesn't matter if what you say is right, what matters is if the right person says it. I was reminded of this line when I read Matt O'Brien's wonkblog post on the success of the Fed in allowing the unemployment rate to fall below the nearly universally accepted measure of the NAIRU, without having any notable acceleration of inflation. 

This is a great history that should be tattooed on the forehead of everyone involved in the current debate on h...