Vibecession: “one conclusion from that is that people aren’t thinking about the economy rationally anymore. But another conclusion is that they’re thinking about the economy differently than they have been previously”

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https://paulkrugman.substack.com/p/g-elliott-morris-on-vibes-and-the

A solid discussion with hypotheses. Previously good models of consumer sentiment don’t work. Everything is irrational — but maybe consumers are not entirely crazy?