Inflation - What's different this time. Part 3.
Milton Friedman was wrong. At least this time.
Among the worst mistakes made by analysts are:
- Approaching a problem with a preconceived idea of the answer,
- Using only information that confirms your view, and
- Ignoring information that doesn't.
Unfortunately, that's a lot of what's been going on in relation to inflation. And it's not just everyday people who have this problem. A significant number of professionals who should know better are doing the same thing. I see them all over LinkedIn and other media.
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