This is probably true, but the larger problem is that economists have not done a good job in explaining that inflation is caused by Fed policies and nothing else. We have allowed people to think that inflation is caused by deficits, or wage price spirals, or supply chain disruption, or oil embargoes.
Yes, an irrational aversion to business. Plus a failure to understand how prices are set in a market system. Most people, I think, believe they should be set on a cost plus 'reasonable' profit basis and fail to understand supply and demand or the signals that prices send under a market system and how this allows allocation to be optimised. A fundamental problem is that people are suspicious of others who seek to promote their own private interests, despite this being precisely why the market system 'works', just as they love those claiming to promote the public interest, despite such systems failing dismally.
This is probably true, but the larger problem is that economists have not done a good job in explaining that inflation is caused by Fed policies and nothing else. We have allowed people to think that inflation is caused by deficits, or wage price spirals, or supply chain disruption, or oil embargoes.
Yes, an irrational aversion to business. Plus a failure to understand how prices are set in a market system. Most people, I think, believe they should be set on a cost plus 'reasonable' profit basis and fail to understand supply and demand or the signals that prices send under a market system and how this allows allocation to be optimised. A fundamental problem is that people are suspicious of others who seek to promote their own private interests, despite this being precisely why the market system 'works', just as they love those claiming to promote the public interest, despite such systems failing dismally.