Notes on Inflation and Price Controls
<p><strong>James K. Galbraith</strong><br />
<em>Lloyd M. Bentsen Jr. Chair in Government/Business Relations at the LBJ School of Public Affairs at the University of Texas at Austin.</em></p>
<p><em>In 2010, Prof. Galbraith was elected to the seat formerly held by Paul Samuelson at the Accademia Nazionale dei Lincei.</em></p>
<p><strong>Monetary Policy Institute Blog #85</strong></p>
<blockquote>
<p>“The reaction to Weber’s case for price controls, in short, is not against ‘Nixonian cynicism or Communist incompetence.’ It is against the truth of modern economic history, which is of an American triumph, long repressed, and of Chinese competence, impossible to ignore but equally impossible to acknowledge.”</p>
</blockquote>
<p><img alt="" src="https://miro.medium.com/v2/resize:fit:875/1*LB6xFRJGs47U2LaWjnljIw.jpeg" style="height:506px; width:700px" /></p>
<p>Talk about Transitory! So far as one can tell, the <a href="https://www.project-syndicate.org/commentary/inflation-not-persistent-fed-guided-by-politics-by-james-k-galbraith-2022-11" rel="noopener ugc nofollow" target="_blank">great US inflation panic</a> of 2021–2022 has ended. It was replaced briefly by a <a href="https://www.thenation.com/article/economy/svb-collapse-fed-causes-bailout/" rel="noopener ugc nofollow" target="_blank">banking panic</a>, and then, for a few months, by the <a href="https://www.thenation.com/article/economy/debt-ceiling-deal/" rel="noopener ugc nofollow" target="_blank">great debt default panic</a> of 2023. What will come next? Who knows? Since we live from one clickbait crisis to the next, surely they will come up with something.</p>
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