Page 34-35 Journalist Michael Kinsley cited renowned economists such as Paul Krugman,Larry Summers,Greg Mankiw for their projections of low inflation in the days to come.Their answers do vary but may seem to be in the ball park.(sic)
If we endorse the Keynesian Cross Model with the caption of fiscal/monetary policies,the Aggregate Demand and Aggregate Supply curves would insect for the optimal point of equilibrium. But there are either expansionary(inflationary) or recessionary(deflationary)gaps and such fluctuations would be expected during the course of time. Nobody knows for sure until empirical evidence shows up.
Prof.John Kenneth Galbraith may be quoted again here for his wisdom:"There are those who don't know and those who don't know they don't know."
I had my vision about Inflation in 1995 and wrote a brief definition: "Precis of Inflation" www.bing.com and click on the topic for reference.
Francis Shieh a.k.a. Xie Shihao with witty sense of humor for comments apropos of the inexact economic science on Saturday, March 13, 2010 at 10.32 a.m.