On Monetary Growth in Leading Economies | Steve Hanke
Автор: Friedberg Economics Institute
Загружено: 2021-12-22
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On Monetary Growth in Leading Economies: Relative Prices and the Overall Price Level
Steve Hanke discusses Inflation with the Friedberg Economics Institute Alumni, www.fei.org.il
There have always been two types of explanations for inflation: ad hoc explanations and monetary explanations. Historically, the ad hoc explanations have been in terms of special factors present on particular occasions: commodity price increases due to bad harvests or restrictions in output by the OPEC oil cartel, supply disruptions due to restrictions on international trade, profiteers or monopolists holding back scarce goods, or trades unions pushing up wages leading to a wage-price spiral or cost-push pressures, and so on in great variety. The monetary explanations for inflation have focused on increases in the quantity of money. In my presentation "On Monetary Growth in Leading Economies: Relative Prices and the Overall Price Level," I will make clear that all the ad-hoc explanations deal with relative price changes, not overall inflation. As Milton Friedman taught us long ago, "Inflation is always and everywhere a monetary phenomenon" which is explained by the Quantity Theory of Money. Based on the Quantity Theory of Money, I will discuss the prospects for inflation in the following countries: the United States, Israel, the United Kingdom, Australia, Canada, New Zealand, Switzerland, China, Japan, and the Eurozone.
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