Is everyone pretending to understand inflation (or just me)?
Sep 20, 2024•53 min
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Summary
This episode delves into the often-misunderstood concept of inflation, guided by PJ Vogt's personal confusion and insights from political economist Mark Blyth. They dissect the conventional explanation of the 1970s "great inflation," proposing alternative theories centered on supply shocks rather than solely government spending or wage spirals. The discussion then pivots to current inflation, exploring four competing explanations – too much money, too much employment, corporate greed, and supply shocks – and the political motivations behind each. The episode concludes by decoding recent presidential debate arguments on inflation and advocating for a more nuanced diagnosis of economic issues beyond simple interest rate adjustments.Episode description
The single issue that might decide the upcoming presidential election also happens to be: very confusing. Political economist Mark Blyth helps us understand: how inflation starts, how inflation is stopped, and shares his theory about why the powers-that-be may be just as confused about inflation as we are.
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