Time of Monsters: Establishment Economics Under Siege
The debate over the causes of inflation is heating up and showing an important divide in the discipline of economics. Mainstream economists like Larry Summers blame it on rising wages and recommend interest rate hikes to cool the economy by raising unemployment. But other scholars, notably Isabella Weber of the University of Massachusetts, have a different theory: they argue inflation is due to price gauging made possible by the Covid emergency and the Russian invasion of Ukraine. Weber’s ideas, which are gaining traction, suggest the solution is price control.
The possibility that…
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