Most economists are noted for their, "then-on-the-other-hand" commentaries. If these people hedged their so-called considered edicts anymore they'd be running hedge funds instead of pretending they and their econometric models have any actual predictive power other than predicting the topic of conversation at their next soirée this summer with their fellow erudite members of the dismal science.
Some people call it academic ping pong. There's another more descriptive name for it but we hesitate to utter it in mixed company.
Two percent inflation targets, the apparent economic Foutain of Bliss for cental bankers, has been a point of discussion for a while now. Why that number? Who thought it up? What's its special magic? And so on. Since its inception two percent has proved more elusive than a first round running back in the upcoming NFL draft.
Politicians get much flak--nearly all of it well deserved-- for gridlock. When it comes to gridlock--as this post proves--politicians ain't got nothing on economists. They been debating for years what's the ideal inflation benchmark. Prisoners of their own academic subterranean thinking, as usual they miss the obvious answer: There ain't one.
Sports is not the only activity drenched heavily in mythology. In fact rumor has it, sports has been taking most of it leads from politicians and economists.
wsj.com/articles/inflation-target-draws-fire-from-all-sides-
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