… the neuron’s Almost Gate can be opened by different inputs and yet it gives the same output
The fallacy is—assuming that an action helpful for one person is helpful for all people if they perform the same act.
Not stressed enough is the effect the oil price had on economic activity from 1973 to last year. The artificially high price of oil and energy caused GDP growth to be less each year that the economy labored on OPEC-inflated oil costs.
The Fed’s call for 2% inflation is an indication that economists don’t have a complete economic theory that explains both production and price changes. If they did, they would advocate 0% inflation.
The great bulk of real inflation since 2009 has been in the stock market, making people who already own stock wealthier.