How Do You Manage Inflationary Pressures?

During and after World War II, we had something called a National Resources Planning Board. We actually thought about managing our nation's real resources. Then, Fattman fast forward to the 1970s, because everybody always wants to talk about stagflation. Clearly, inflation can become a problem, even in an economy that is nowhere near its full employment constraint. It doesn't happen for the same reasons in all times and places.