I’ve debunked Nobel Laureates multiple times.

The paper is being published in an academic journal.

No, not the Sage. The claim is that Friedman’s “inflation is always and everywhere a monetary phenomenon” will be shown to be untrue.

Hmm, be interesting, doncha think?

6 thoughts on “Umm”

  1. Possibly Steve Keen.
    Will likely point to inflation tying in with periods of increased bank lending (an increase in V presumably, but surely tied in to more unearned money coming into the economy from the printers).
    Might talk about supply shocks too – e.g. an oil producer being taken out, or housing supply restrictions.

  2. Holders of the counterfeit Nobel, presumably. I don’t suppose Madame Curie had views on the genesis of inflation.

  3. Inflation is the decline in the purchasing power of money – it is therefore, inevitably a monetary phenomenon [unless one is using the other meaning of the word that is blowing up a balloon].

  4. Mr Friedman was surely being a little bit tongue-in-cheek in order to make a point. There can indeed be ‘inflation’ that is not caused by ‘excess’ money – any genuine increase in factor costs would cause that. Suppose, for instance, that mischievous aliens came in the night and made all our diesel engines no longer work – prices would rise for many things and the cause would be factor costs. I have always assumed that Mr Friedman is making some sort of joke because of course there can be non-monetary inflation, but that should you ever encounter inflation here on earth, then you can bet that it is because governments have messed with the money supply.

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