this post was submitted on 03 Aug 2023
194 points (100.0% liked)
196
16539 readers
2010 users here now
Be sure to follow the rule before you head out.
Rule: You must post before you leave.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
https://en.m.wikipedia.org/wiki/Phillips_curve
It would seem economists would agree that the Phillips curve is simply a model and not some oracle of economic forecasting. If you take take simplified economic models out of context and ignore the whole empirical side of economics, then of course you can portray it as pseudoscience. You can portray anything as pseudoscience if you reduce it to its abstract, outdated models devoid of context.
People on the internet being mad that inflation is going down to normal levels instead of prices dropping is turning me into the "learn basic economics 🤓" guy and I hate it. Like if you guys are complaining about having crushing student debt, you really don't want deflation.
some prices are overvalued and probably should drop, but those are mostly asset prices and will make people grouchy when they do
Bbbut why döner cost 6€ and not 5€ this is terrible (your student debt has gone down 10%)