The English expression “a Birmingham screwdriver”, meaning a hammer, refers to the practice of using the one tool for all purposes. Hence if the only tool you have is a hammer, to treat everything as if it were a nail. The law of the instrument, law of the hammer, Maslow’s hammer (or gavel), or golden hammer its all about a cognitive bias that involves an over-reliance on a familiar tool.
What if raising interest rates was the hammer, and inflation is not what it seems?
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