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/265/ Three Articles: Inflation! (Patreon)

Published:
2022-05-24 06:01:00
Imported:
2026-06

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[Patreon Exclusive]

On the economic drivers and political choices of inflation. 

In the absence of workers demanding higher wages, where is inflation coming from? Is there more to it than pandemic-related supply chain disruptions and the Ukraine war? How responsible is Biden's spending package? And how can generations who have never known serious inflation respond?

Three Articles:

Chartbook #122: What drives inflation?, Adam Tooze, Substack

Inflation Is No Accident, Christopher Caldwell, Compact

Britain is drifting towards economic oblivion, Ben Marlow, Telegraph

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Comments

Davka Smolah Collective

Cheap money as political choice leaves the question: how does that divide the bourgeoisie, sectionally? Which parts of capital need cheap money to keep their party going, versus which would benefit right now from tight money to curb inflation? Matt Stoller has a nice take on this, but I'm somewhat skeptical that it's all down to financialization and consolidation. https://mattstoller.substack.com/p/the-cantillon-effect-and-stock-market/

Kenneth Smith

The second piece sounded incredibly flimsy and ideological but very on brand for compact. So pathologically fixated on blaming everything on wokeness lol. Does anyone seriously believe that Biden’s admin has done anything but pay lip service to racial justice? The larger direct transfer of wealth to the upper classes happened under Trump’a stimulus and the idea that the current inflation wouldn’t be present if he had one is ridiculous. I’ve seen way more compelling cases that the global inflation crisis is much more connected to COVID shocks interacting with an overly complex global economic system

Blake

At this point I think the bargaining position of workers is so weak that no justification is necessary for a worsening standard of living, nothing beyond "The fuck are you gonna do about it?"

outrex

Phil stop interrupting Alex before he finishes explaning himself challenge (IMPOSSIBLE)

Andrea

I am quite surprised by how much the rhetoric of inflation being driven by rising wages in the previous era is being taken for granted here. There has been a quite substantial amount of research by Marxist (and also some liberal) italian economists disproving that theory from the 70s on. I don't know if that research was referring only to Italy, but I don't think so. Not being an economist I wouldn't know how to evaluate this debate, but Marta Fana (David Broder also mentioned her in an episode of your podcast) did summarise that research a few years ago. Maybe you could interview her.