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George Selgin: Excess demand growth is main driver of inflation

George Selgin: Excess demand growth is main driver of inflation
Excess demand main cause of inflation

George Selgin argues that while supply shortages can lead to increases in standard inflation metrics, substantial inflation is primarily the result of excess demand growth.

He adds that fiscal profligacy, which Modern Monetary Theorists are not known for addressing, is frequently at the root of this excess demand.

Selgin has previously criticized interventions during spending collapses, describing such measures as bailouts for producers. He has also pointed to Hoover-era actions and the U.K.'s gold standard exit as significant factors in worsening the U.S. depression. These past comments offer further context for his current views on fiscal policy and inflation dynamics.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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