Wednesday, August 28, 2024
10:45 a.m. to 12:15 p.m.
The reemergence of inflation as a serious economic problem in 2021 caught most observers flat footed. Yet it is now becoming clear that many of the forces that pushed inflation down for a generation, such as globalization and favorable demographics, are reversing. These factors will be compounded by the effects of climate change on food and energy supply chains going forward, all of which will mean ‘higher prices for longer’ than we have been used to in a very long time.
In this talk, which draws from his forthcoming book, Inflation: A Guide for Users and Losers, Blyth shows how once inflation becomes embedded different groups in society use different stories about what is causing higher prices to push the costs of inflation on to someone else. Rather that there being a singular ‘true’ view of inflation, Blyth argues that rival inflation stories are better thought of as a political struggle to get someone else to pay the bills. Once you realize this, it becomes easier to navigate inflation over the long run and to not become a loser to inflation in the process.
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