[bryanlarsen]

Perhaps Friedman's most widely known saying is that "inflation is a monetary phenomenon". In the last 30 years the correlation between money supply expansion and inflation has been low. OTOH the correlation between supply shocks and inflation has been high.

A real science would update in the face of contradictory evidence. Some economists have, but most haven't.

[zdragnar]

We did see massive inflation in subsectors of the broader economy, though, and there were a lot more monetary policy levers moving than just supply expansion.