According to economists and their media enablers, the Russian economy is booming and prices rising. The growth and its attendant 'inflation' is said to be a combination of soaring government spending on the war in Ukraine combined with domestic government spending meant to soften any economic blow from the war. If economists are to be believed, war and Keynesian waste have an upside: growth.
To all this, conservative economists in the U.S. surely have an answer, don’t they? Their historical (and correct, by the way) reply would be that governments have no resources. Say’s Law indicates that governments can only spend and redistribute spending power insofar as they extract spending and redistributive power from the producers of it first.
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