Comment on W. Peden on ‘The F story about the Great Inflation’
Blog-Reference
The second section of your post starts with: “The best story seems to be the following: ...”
You don't get the point, do you? The Phillips Curve debate clearly shows that economists cannot rise above the level of storytelling because already after the first step logic breaks down and confusion sets in.
Please note: storytelling is the antithesis of science: “If one takes seriously what Popper says about falsifiability and the critical attitude, then the methodological practice of economics is not only mistaken, it is stupid and intellectually reprehensible.” (Hausman, 1992, p. 275)
Egmont Kakarot-Handtke
References
Hausman, D. M. (1992). The Inexact and Separate Science of Economics. Cambridge: Cambridge University Press.