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The causes of inflation go well beyond growth in the supply of money
There was a time that even economists understood that the story of inflation went well beyond increases in the stock of money. But Keynesian theory, with its Y=C+I+G, is now so embedded across the mindset of everyone as a means to make economies grow, and not just amongst economists but there as well, that the…
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“Transitory” inflation is on its way
I don’t know what I would do without Paul Krugman and his unerring ability to get things wrong, but bless him, there he is again. Krugman doesn’t get quite understand any of this, but he does come close. The issue between the classics and the Keynesians over why recessions occur was over whether they were…