In economics, concepts like 'greedflation' can become popular based on a group consensus rather than a definitive right answer. The term 'greedflation' has gained attention and replaced the previous term 'Sellers inflation'. The discussion also touches upon economists like Abraham Lerner, a Keynesian thinker, and Milton Friedman, known for the Chicago School of thought, contrasting with Adam Smith's classical capitalism. Keynesians believe high inflation indicates an excess of money in the economy.