re: Would the strait being really closed, to all traffic, be bad for the US?

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In any case, what exactly causes inflation in your econ textbook?

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Increased money supply. Meaning government printing money causes inflation.

Your textbook lesson

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Increased money supply. Meaning government printing money causes inflation.

Your textbook lesson

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You remind me of Clark in the bar when Will says: "You're a first year grad student. You just got finished readin' some Marxian historian—Pete Garrison probably. You're gonna be convinced of that 'til next month when you get to James Lemon, and then you're gonna be talkin' about how the economies of Virginia and Pennsylvania were entrepreneurial and capitalist way back in 1740".

Neoclassical/neoliberal economists like Friedman have been proven far too simplistic. Next month I suggest some Nitzan.

Inflation isn't as simple as Friedman's quantitative theory of money would have one believe. Don't get caught up in the F-twist. His theory breaks down with just a minor bit of thought. In Friedman's world, inflation would impact all goods and services simultaneously and evenly. We all know that is just false.

If you are going to give textbook lessons, at least reference something written recently and truly consider his neoliberal approach. Keep in mind, Friedman did not care about the realism of his assumptions, just the predictive power. In fairness, he came up with his theories more than 70 years ago at a time when large data was near impossible to assemble and was impossible to crunch. He came up with a theory that has a high level of correlation and felt that was enough, and causation was irrelevant.