In the Wall Street Journal of Thursday, 12/2/2021, Senator Tom Cotton had an article entitled ‘No’ on Jerome Powell at the Fed. Senator Cotton was correct regarding a) the possibility of worst-case and less-catastrophic scenarios of inflation, b) the possibility of inflation wiping out wage gains, and c) that the result of the Fed’s policies is to boost prices in both the basic consumables (point-to-point) circuit and in the Redistribution Function’s secondary stock and bond markets.
Senator Cotton, as always, is to be admired for his courage; but he and all in government and the private sector must learn the principles and laws of how the objective economic process actually works. A lot depends on a knowledgable government acting in the best interests of the entire populace of free people. Some would say it’s a matter of the survival of human liberty.
For the human mind is such that it does not wonder about things just individually but, understanding individual elements, goes on to ask how they are connected with one another. [CWL 12, 17]
Lonergan was seeking the explanatory intelligibility underlying the ever-fluctuating rhythms of economic functioning. To that end he worked out a set of terms and relations that ‘implicitly defined’ that intelligible pattern. [CWL 15, 179-80]