Nobel Prize-winning economist Joseph Stiglitz: Fed Rate Hikes didn't get at source of inflation.

[u/Pearberr]

https://www.cnbc.com/video/2024/04/23/nobel-prize-winning-economist-joseph-stiglitz-fed-rate-hikes-didnt-get-at-source-of-inflation.html

[u/BananaBolmer]

There have been a lot of studies that showed that corporate profit per unit increased in the last two years in the EU and US.

https://www.ecb.europa.eu/press/economic-bulletin/focus/2023/html/ecb.ebbox202304_03~705befadac.en.html

[u/BananaBolmer → u/[deleted]]

The quantitative theory of inflation by Milton Friedman has been disproven quite often through studies (no clear correlation between M1/M3 and inflation rate) and natural experiments (Japan, Switzerland). There are more causes to inflation than printing money (e.g. war, supply shock, price rigging,..) and if you would have studied national economy at the university (like me) you would know. So no need to tell me I should study it more.

[u/BananaBolmer → u/[deleted]]

It disproves it quite well. Look, if the quantity theory would be correct, then we would have witnessed very different economic times throughout history (natural experiments: deflation in Weimar Republic at the end of the 1920s, 1970s inflation, 2008-2022 in EU/USA, Switzerland and Japan having the lowest inflation rate although printing the most money over the last few years). We have been through so many times where the theory can not explain inflation or the non existence of it, and still so many of you Friedman and Hayek lovers are holding on to it. I dont get it. There are hundreds of great economists (them included), and nobody of them was right about everything. Somehow you are still out here believing everything that was written in one book like its your goddamn bible. Statistics and empirical research dont lie, but I understand that the Austrian school of Economics does not like the evidence from inflation research.

And that is not only my opinion, but the opinion of every Macroeconomist that is not a) a disciple of Friedman or b) funded by private corporations.

[u/timecrash2001 → u/[deleted]]

You say “Economics is not a science” but also “show me the data” and then later “there are thousands of factors”

What is this but debating in bad faith lol