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The New Arthurian Economics: The Cost-Push Economy 20 Feb 2011, 9:00 am
But "too much money in circulation" was not the driving force. When inflation came back in the 1960s, it was cost-push inflation. By the 1970s it was obvious. We were getting stagflation. Prices were going up even when demand was going down . ... There is no middle ground any more. Just the rock and the hard place: Inflation, or decline. Yes, we have inflation because of the quantity of money. But there are reasons we have an inflationary quantity of money. ...
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