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

The Rational Reminder Podcast

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Cansinism and the Quantity Theory

Inflation was just kind of the wage price spiral. The solution to inflation was to talk unions into not raising wages and pressure businesses into not raising prices. And people had forgotten what people knew for centuries about where inflation finally came from. So han combination of it being true, truer of the economies of that period, and being a ixcredibly useful alternative t simple minded cansinism made it incredibly popular.

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