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Where I Came In

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I listened idly as two old friends hashed over the argument between Larry Summers and Biden administration officials about the inflationary potential of continuing low interest rates. This, I thought, was where I had come in. My mind drifted back nearly forty years, to the book I published in 1984, The Idea of Economic Complexity. Its premise was what I took to be the similarity between the “price revolution” of the sixteenth century and that of the twentieth century. In the century and a half between 1500 and 1650, everyday prices across Europe had risen roughly six-fold, before settling on