Or so says Paul Krugman.
Back to the evidence versus the orthodoxy. I can, in a way,
understand refusing to believe in global warming — that’s a noisy
process, with lots of local variation, and the overall measures are
devised by pointy-headed intellectuals who probably vote Democratic. I
can even more easily understand refusing to believe in evolution. But
the failure of predicted inflation to materialize is happening in real
time, right in front of our eyes; people who kept believing in inflation
just around the corner lost a lot of money. Yet the denial remains
I guess it’s a matter of who you’re gonna believe — Ayn Rand or your own lying eyes.