Please Sir, I want some more

I accidentally stumbled onto the website of the Reserve Bank of Australia (RBA) on a recent search for inflation data. Trust me, it was an accident. While I sometimes visit the RBA site for a laugh, I never go there to learn anything.

In this case, the RBA page gave an explanation of the causes of inflation. Stop me if you’ve heard this before: demand-pull, cost-push and inflationary expectations. Yawn. Decades after the twitterings of Keynes and Samuelson, the modern day RBA types still believe that rubbish.

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