Economists tout free trade as benefiting everyone because of rationalizations and predictions. There's no strict math involved, and it is based on flawed assumptions.
I predict that economists will get their dander up and respond with "Nuh-uh!", so here's a challenge.
Without appealing to the argument of "current school of thought holds that...", answer the following questions:
1) What is the right formula for calculating inflation?
2) What's the right value of inflation to have?
3) How important is it to hit this value exactly (ie - is it catastrophic or minor to be off by a percent?)
If you say you can't give a numerical value because "it depends", or "it's complicated", then what is the formula to calculate the value based on the dependencies?
Inflation is a simple concept and there *is* a right/best value to have, but economists are so entangled in "schools of thought" that they don't bother to think things through critically or rationally.
Also, note that inflation dipped negative for a couple of months last year.
Did we just come through another recession?