Relearning Economics (@RelearningEcon)

Spend enough time in libertarian economics circles and you'll hear the same explanation repeated with remarkable confidence. The Federal Reserve lowers interest rates. Banks receive cheap money from the central bank. Lending expands. The money supply grows. Prices rise. Every inflationary episode ev...

Neoclassical economists love saying critics don't understand equilibrium. But the irony is this the more they explain equilibrium, the clearer it becomes that the concept has been stretched so far it barely means anything anymore. Allow me to explain 👇 🧵1/15 <a target="_blank" href="https://twitt...