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#7 Steven Hail: Inflation, Price Shocks And Other Misunderstandings

The MMT Podcast with Patricia Pino & Christian Reilly

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Navigating Economic Shocks and Theories

This chapter explores the distinction between temporary price shocks and persistent inflation, emphasizing the role of skills and infrastructure in maintaining living standards. It examines historical economic crises, particularly from the 1970s, and critiques both Keynesian and monetarist approaches to inflation management. The discussion also reflects on the political dynamics of the Labour Party, advocating for progressive economic solutions like Modern Monetary Theory to address contemporary challenges.

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