Macrodose
UNLOCKED: Understanding Inflation w/ Isabella Weber
Sep 29, 2023
Isabella Weber, an economist, discusses the causes and consequences of inflation, emphasizing the impact of supply chain disruptions. The podcast explores inflated prices in important sectors, proposes interventions, and highlights the importance of sector-specific measures. Government interventions in economic shocks and climate change are also discussed, along with disaster preparedness and historical price revolutions.
36:13
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Quick takeaways
- Inflation is driven by profiteering and the pursuit of profits by capitalist firms, but it is not solely due to sudden increases in corporate greed, rather changes in circumstances and competition dynamics lead to price increases.
- Massive price shocks in systemically important areas like energy, raw materials, shipping, and food contribute to constrained supply and increased prices, prompting firms to raise prices to protect their profit margins, even potentially going beyond necessary increases.
Deep dives
Inflation surge and greedflation
Isabella Weber discusses the concept of greedflation and its relationship to the recent surge in inflation. She argues that inflation is driven by profiteering and the pursuit of profits by capitalist firms. However, she suggests that it is not a sudden increase in corporate greed, but rather changes in circumstances and competition dynamics that lead to price increases.
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