Monday, May 3, 2021

And Friedman would be wrong.

 

"Friedman rejected cost-push as a credible source of sustained inflationary pressure."

 

If you reject the possibility of cost-push, only government remains as the cause of inflation.

 


But if the problem is cost-push, the focus on inflation is the wrong focus.

2 comments:

The Arthurian said...

Or this way:

If you reject the possibility of cost-push, inflation is always and everywhere the government's fault.

The Arthurian said...

PS: As of 29 April it is no longer possible to reject cost-push.