3min chapter

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Understanding Crypto 14: Prof. John Cochrane: Money, (Fiscal) Inflation, and Political Freedom

The Rational Reminder Podcast

CHAPTER

Inflation Isn't About Prices Going Up

Inflation isn't about prices going up, it's a decline in the value of money. The overall price level is monetary and fiscal policy. On top of that are all these relative price changes. And it's very easy to confuse it. It could just as well have been restaurant prices go down, prices teviousdays the same. So we'll get late. But here's a take away point: Don't confuse relative prices with the overall price level.

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