I only ever took one economics course in college, the one they make engineers take. I liked it and was frustrated at the same time. At the time I was already Hazlitt-aware, and so the Phillips Curve .... I sensed something was up. That says that there is an inverse relationship between unemployment and inflation: the more inflation you have, the more employment; if you increase employment, you have more inflation. If you want to have low inflation, you have to have high unemployment.

I remember I raised my hand, the smartass EE libertarian, and I was like, "whoa whoa whoa. So are you telling me, if some space aliens descend on the earth tonight, and execute every unemployed adult, so that when we wake up tomorrow tens of millions of unemployed people are dead--that this would make inflation go *up*, all of a sudden?"

(...)

Maybe my brain is just not wired to understand "sophisticated" economics. But I don't recall ever hearing a good response to my objection.

Stephan Kinsella