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>&ldquo;The reaction to Weber&rsquo;s case for price controls, in short, is not against &lsquo;Nixonian cynicism or Communist incompetence.&rsquo; 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.&rdquo;</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&nbsp;<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>&nbsp;of 2021&ndash;2022 has ended. It was replaced briefly by a&nbsp;<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&nbsp;<a href="https://www.thenation.com/article/economy/debt-ceiling-deal/" rel="noopener ugc nofollow" target="_blank">great debt default panic</a>&nbsp;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> <p><a href="https://medium.com/@monetarypolicyinstitute/notes-on-inflation-and-price-controls-bda34023344b"><strong>Learn More</strong></a></p>