Famed economist Paul Krugman, a columnist for The New York Times, admitted that he and other economists have been “wrong” to write off inflation as transitory in an opinion piece he published on Thursday. Krugman noted in the piece that two schools of thought emerged this year as prices have soared, burdening lower-income and middle-class Americans with what is essentially a pay cut, despite rising wages. While himself belonging to “Team Transitory,” the economist wrote that he has been misguided to criticize those on “Team Persistent.”

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