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Is everyone pretending to understand inflation (or just me)?
Sep 20, 2024
Mark Blyth, a political economist at Brown University and author of 'Inflation: A Guide for Users and Losers,' shares his insights on the perplexing issue of inflation. He dissects how inflation starts and why it confuses politicians too. The discussion dives into the lessons from the 1970s, revealing how historical events shape current economic conditions. Blyth also tackles the impact of wages and housing on inflation, alongside the effects of immigration and tariffs, ultimately seeking clarity amidst today's economic chaos.
56:09
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Quick takeaways
- Inflation is a complex phenomenon involving widespread price increases, influenced by supply shocks and historical economic events.
- The politicization of inflation complicates public understanding, as different parties assign blame based on their ideological perspectives.
Deep dives
Understanding Inflation and Its Impacts
Inflation is defined as a rise in the general level of all prices, affecting everything from gas to food. It distinguishes between the mere increase of individual prices and the concept of inflation itself. For instance, if a dinner item previously costing $30 now sits at $45, that reflects inflation, as prices are rising across the board, not just for one item. The discussion reveals the complexity of inflation, spotlighting how its rate of change can be misleading and is often misunderstood by the general public.
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