Inflation is all over the news and commentary today, particularly after a presidential election that was allegedly all about it. The problem remains that few who utter the word grasp its singular meaning.
This includes Stanford professor Jennifer Burns, who not-so-ironically wrote a book about Milton Friedman. Friedman had his own problems with the definition given his view that increases in so-called “money supply” that he somehow knew the non-inflationary quantity of was “always and everywhere” evidence of inflation.
Read Full Article »
