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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Dan Kervick: Contra Krugman, Why Increasing Inflation is Not Likely to Increase Employment | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="vfpqoQJrAp"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/04/dan-kervick-contra-krugman-why-increasing-inflation-is-not-likely-to-increase-employment.html"&gt;Dan Kervick: Contra Krugman, Why Increasing Inflation is Not Likely to Increase Employment&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/04/dan-kervick-contra-krugman-why-increasing-inflation-is-not-likely-to-increase-employment.html/embed#?secret=vfpqoQJrAp" width="600" height="338" title="&#x201C;Dan Kervick: Contra Krugman, Why Increasing Inflation is Not Likely to Increase Employment&#x201D; &#x2014; naked capitalism" data-secret="vfpqoQJrAp" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>By Dan Kervick, who does research in decision theory and analytic metaphysics. Cross posted from New Economic Perspectives  Paul Krugman argues in a recent New York Times column that right-wing critics of Ben Bernanke and his colleagues are trying to bully the Fed into a misguided obsession with inflation, and that &#x201C;the truth is that we&#x2019;d be better off if the Fed paid less attention to inflation and more attention to unemployment. Indeed, a bit more inflation would be a good thing, not a bad thing.&#x201D;  Krugman is absolutely right to lament conservative pundits&#x2019; and politicians&#x2019; obsessions with inflation when tens of millions of Americans are languishing in unemployment, with all of the personal, social and economic misery and waste that unemployment entails. But his argument, which assumes that the Fed can boost employment by engineering higher inflation, is problematic.</description></oembed>

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