Commentaries (some of them cheeky or provocative) on economic topics by Ralph Musgrave. This site is dedicated to Abba Lerner. I disagree with several claims made by Lerner, and made by his intellectual descendants, that is advocates of Modern Monetary Theory (MMT). But I regard MMT on balance as being a breath of fresh air for economics.
Monday, 3 December 2012
I always thought that burst of inflation in the U.K. in
the 1970s was caused by silly wage demands. This chart backs up that idea very
nicely. (Inflation peaked in 1975).