It remains one of those instances when you see something for the first time, truly take in the thing, you can never unsee it. Explanations for the seventies Great Inflation to this day are lacking and inconsistent. The venerable Allan H. Meltzer’s work is largely seen as definitive on the subject, and for good reason. He correctly criticizes contemporary authorities for making a shocking variety of critical errors, those which allowed the imbalance to begin unchallenged and then take hold for a period of nearly two decades.
Read Full Article »
