The first is the economy. If there's not enough spending and investment out there to create the jobs we need, then let's just throw some money out there and let people fight over it. Price stability becomes the villain of the piece. Boo! Hiss! Where are the rotten vegetables?
In fact, the problem isn't price stability. The problem is the present federal government's unwillingness to invigorate the economy through spending restraint and tax cuts that encourage entrepreneurs and visionaries to start companies or expand payrolls.
This brings us to the second reason for why some desire a joyous reunion with inflation. A certain kind of personality, as I have hinted, believes with fervency in the uncanny ability of "experts" to prescribe and control economic inputs and outputs. The Harvard faculty is conspicuously of that kidney. Prof. Rogoff mentions 6 percent inflation as if he knew with certainty precisely the right dosage and precisely the right length of time to administer it. This is the fantasy of the centralist, the administrative-state acolyte who is confident always that knowledge and insight count for more than the whirl and tumult of the marketplace.
There have always been such people. There always will be. The trick is to keep them in their place by ignoring them, by insisting on the historic truth that choice in the free marketplace always delivers better results than direction from above. How would we know this? Well, from reading history. Or from looking around.
That business of assigning Washington, D.C., the responsibility of determining how Americans get their health care -- how's that working out right now? Just asking.
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