So rates are close to zero despite supply shocks being inflationary … pandemics being one prime example. Macroeconomics is a waste of time and money, or is it?
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The Black Death as an example … prices increased 50% in Englandpic.twitter.com/28tlawXtve
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Too many dead to farm!
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That doesn’t make sense. Dead people don’t eat food. So if people are dying then demand falls with supply.
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