[Verse 1]
They say inflation's in your head
Just think it away and prices drop dead
But that's not how the real world works
When policy shifts and the economy lurks
Expectations aren't just dreams we make
They're anchored to the choices governments take
[Chorus]
Don't believe the myths they tell
About nineteen seventy-three
Policy and real constraints
Shape what we really see
It's not all in your mind
Economics didn't die
Just naive ideas fell behind
When the old rules said goodbye
[Verse 2]
Stagflation hit like a lightning bolt
Rising prices with unemployment's jolt
Some folks said economics failed
That all the theories had been derailed
But it wasn't science that fell apart
Just simple thinking from the start
[Chorus]
Don't believe the myths they tell
About nineteen seventy-three
Policy and real constraints
Shape what we really see
It's not all in your mind
Economics didn't die
Just naive ideas fell behind
When the old rules said goodbye
[Bridge]
Fine-tuning thought it had the key
Push one button, fix the economy
But the world proved more complex
Supply shocks changed what happens next
Psychology meets reality
In the dance of policy
[Verse 3]
When oil prices shot up high
And wages followed to the sky
It wasn't just what people feared
Real shortages had appeared
Expectations played their part
But they're not just works of art
[Chorus]
Don't believe the myths they tell
About nineteen seventy-three
Policy and real constraints
Shape what we really see
It's not all in your mind
Economics didn't die
Just naive ideas fell behind
When the old rules said goodbye
[Outro]
So remember when you hear
Someone say it's crystal clear
That inflation's just a state of mind
Or economics is blind
The truth is in between
In the regime change we've seen