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We Need to Talk About Inflation: 14 Urgent Lessons from the Last 2,000 Years

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Test 1: Have there been institutional changes that would suggest an increased bias in favor of inflation? Unfortunately, by 2021, the answer was yes. The Fed’s move in 2020 to an average inflation targeting regime is one example. It created adynamic in favor of above‐​target inflation, King argues, because the public knew that central bankers would be less likely to react to big overshoots in inflation with big undershoots that risked about of much‐​feared deflation. The use of quantitative easing (QE) for over adecade, too, put downward pressure on bond yields, eroding the value of freely moving bond prices as an indicator of inflationary pressures. And central bank independence paradoxically made the monetary authorities less willing to spell out the inflationary consequences of large amounts of government borrowing when inflation started rising significantly; musing on this would be seen as too political.

Everything you wanted to know about inflation but were afraid to ask. This book is timely, well-researched and very well-written.”—Mervyn King, former governor of the Bank of England King makes his case with verve, in the process delineating the pernicious effects of inflation and underscoring the absurdity of thinking it could never reappear in advanced economies.”—Max Harris, Finance & Development Most of those who have to deal with inflation are too young to remember when it was last a serious issue. This book teaches them what they need to know. King’s lessons command our attention.”—Lawrence H. Summers, former US Treasury Secretary But none of this responds to the deeper structural issue – of which price inflation is a symptom: the increasing consolidation of the economy in a relative handful of big corporations with enough power to raise prices and increase profits.

14 Urgent Lessons from the Last 2,000 Years

As clients approach agencies, they need to be flexible. It's the necessary behaviour to get great work while controlling cost. Your agency's profit is not a cost of doing business, it's the motivation for an organisation to put all their efforts into your challenge. Help them maintain margin by being flexible in how other costs are managed. In April, Procter & Gamble announced it would start charging more for consumer staples ranging from diapers to toilet paper, citing “rising costs for raw materials, such as resin and pulp, and higher expenses to transport goods”. Building on the history of inflation and its relationship with money, the author looks at the temptation of printing money, how inflation has undemocratic effects and why it is so difficult to reduce. An] excellent and readable new book about the re-emergence of inflation.”—Larry Elliot, The Guardian

You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here. But now people the world over are confronting a poisonous new economic reality and, with it, the prospect of vast and increasing wealth inequality. How have we arrived in this situation? And what, if anything, can we do about it? Celebrated economist Stephen D. King-one of the few to warn ahead of time about the latest inflationary upheaval-identifies key lessons from the history of inflation that policy makers chose not to heed. It could raise prices and rake in more money because P&G faces almost no competition. The lion’s share of the market for diapers, to take one example, is controlled by just two companies – P&G and Kimberly-Clark – which roughly coordinate their prices and production. It was hardly a coincidence that Kimberly-Clark announced price increases similar to P&Gs at the same time P&G announced its own price increases. Historically informed and lucid.”—Martin Wolf, Financial Times, “Best Summer Books of 2023: Economics” A damning critique. . . . King writes lucidly, avoiding the jargon that makes economics impenetrable to the lay reader.”—Edward Chancellor, Times Literary Supplement

it leads to extreme redistributions of wealth that are rightly perceived as arbitrary and unfair, and But there’s a deeper structural reason for inflation, one that appears to be growing worse: the economic concentration of the American economy in the hands of a relative few corporate giants with the power to raise prices. How will the consumer react as the cost of living ratchets up? Right now, we don't know. It's been a very long time since there has been a comparable situation. We need our collective ears to the ground on this matter more than any other.

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