Prof. Antony Davies: 10 Myths About Inflation
Inflation is the word of the day; rates in the United States have hit 40-year highs, and seemingly everyone is feeling the pain — from the gas pump to the grocery store.
But with growing media attention also comes bad or misleading information.
To set the record straight, we brought in the heavy muscle: Learn Liberty’s old friend Antony Davies, Associate Professor of Economics at Duquesne University, and co-host of the podcast Words and Numbers.
We teed him up with 10 myths — before factoring for inflation 😉 — and then just … let him go. His answers, full of hard data and clear logic, didn’t disappoint.
Some of the myths he debunked:
-“The price of this thing I buy went up. That’s inflation.”
-“Inflation is caused by corporate greed.”
-“The President is responsible for inflation.”
-“Everything at the supermarket is getting smaller. That’s not factored in.”
-“The Fed had to do SOMETHING to combat Covid.”
-“The government can fight inflation by raising taxes.”
For more content with Professor Davies, see our videos on Modern Monetary Theory and government debt.