Biden’s big fiscal gamble

Neither the bond markets nor most economists foresaw the era of inflation that began in the late 1960s or the “great moderation” that replaced it in the 1980s.

It is worth stressing that investment spending is less inflationary than stimulus as, in principle, it boosts long-term productivity growth.

Edward Luce FT 8 April 2021

https://www.ft.com/content/fbba9770-ce1c-46d6-9ec0-c51063b6f96e

Why do economists continue to get it so wrong? Lucas

Edward Luce FT 9 October 2019

https://englundmacro.blogspot.com/2019/10/why-do-economists-continue-to-get-it-so.html