Those of you following this discussion between me, Matt Yglesias, and Mike Konczal, need to check out this post from Doug Henwood. It not only cuts through a lot of the fat, but it also takes us in a completely different, unexpected, and difficult direction, raising fascinating questions about the petit bourgeois origins and dimensions of the politics of inflation. Doug is my rabbi in all things economic (though, sadly, we part ways on matters musical). Check it out, comment there, here, everywhere.
Update (July 18, 12:30 pm)
And now the boys—and, seriously, there are an awful lot of boys in this debate; never realized just how male-dominated these types of discussion are—over at Crooked Timber are getting in on this. Fascinating discussion over there; check it out.
Update (3:30 pm)
And more debate over here at Lawyers, Guns, and Money.
Update (4:15 pm)
And here from Will Wilkinson, who seems to think he’s schooling us all with his considered notion that nothing lasts forever and things change, and here from Kevin Drum. And Yglesias has yet another post.