this post was submitted on 03 Aug 2023
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https://en.m.wikipedia.org/wiki/Phillips_curve
It would seem economists would agree that the Phillips curve is simply a model and not some oracle of economic forecasting. If you take take simplified economic models out of context and ignore the whole empirical side of economics, then of course you can portray it as pseudoscience. You can portray anything as pseudoscience if you reduce it to its abstract, outdated models devoid of context.
People on the internet being mad that inflation is going down to normal levels instead of prices dropping is turning me into the "learn basic economics 🤓" guy and I hate it. Like if you guys are complaining about having crushing student debt, you really don't want deflation.
some prices are overvalued and probably should drop, but those are mostly asset prices and will make people grouchy when they do