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The IMF Admits We Were Right About Inflation

It Could Happen Here

CHAPTER

Understanding Inflation and the Complexity of Supply Chains

This chapter explores the concept of inflation and the interconnectedness of businesses in supply chains. It challenges the mainstream neoclassical view of the economy and argues that prices are set by businesses as a markup over their total cost of production. The chapter discusses the factors that contribute to inflation, such as external shocks and disruptions in the supply chain, and critiques the cost-push theories that focus solely on labor costs.

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