Basic economics says both 😱
Dear Brian, thank you for this great post ! I think there is a minor typo in the 2nd graph, maybe the second demand curve should be "D, 2022".
Thanks so much! I made two versions and used the wrong one.
Great post. I'd love to see this with the PCE vs PCE price index plotted as a trajectory on a log-log plot, rather than just the two points. I think the dynamics could be quite interesting.
Dear Brian, thank you for this great post ! I think there is a minor typo in the 2nd graph, maybe the second demand curve should be "D, 2022".
Thanks so much! I made two versions and used the wrong one.
Great post. I'd love to see this with the PCE vs PCE price index plotted as a trajectory on a log-log plot, rather than just the two points. I think the dynamics could be quite interesting.