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Of Fear and the Monster

   Confessions of an inflation skeptic

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A deft headline last week on a Businessweek cover-story about  inflation – “the  fear is real but maybe the monster isn’t” – reminded me of the recession winter of 1974-5, when the editor of Forbes, Jim Michaels, asked me to write a story about whether the spiraling inflation of the Seventies might someday suddenly stop. Michaels was well-known for doing things like that I was new on the job, fresh out of college, acutely conscious of the fact that I hadn’t taken Economics 10 while studying all kinds of other social science stuff. My thoughts turned at once to measurement.