Not paying attention to the political/economic world around you is akin to not looking both ways before you cross the street.
But, like keeping your awareness about you while walking around, it doesn't give you the power to effect others, it just gives you sufficient warning to dodge the mess, it can't make the mess go away.
That being said, I am going to mock the fools at the Austrian/Friedman/dipshit school. As an aside, and as the good quip for the day, I am here and now proposing that we change the nomenclature for economic theory. Instead I propose that instead of schools, we begin referring to them as madrasah's. It seems to fit better with the mystic, argumentative, and bullshit laden lack of reality known as economics.
"Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output"No laddies, inflation is when the prices of everything go up and the amount on money you make to buy them stays the same. Inflation is caused by running out of the oil that we use for feedstock and having to compete for what is left with the rest of the world. Inflation is caused by getting rid of our jobs to other countries then shipping the now-foreign products back here.
Inflation is caused by wars and guns and butter and taking too much.
These idiotic ideologues who wan to masturbate with their charts and theories and too-glib explanations miss the one critical point. Inflation is caused by the entire country living too large for too long and coming to expect everything as their own due.
Inflation will go away, but everyone will have to take a lot less...and that is always a recipe for revolt.