Things I've Stumbled Across Recently
In yesterday’s post, I linked to some things I find useful and important as we continue to debate the state of our economy and the best way(s) to think about inflation and what to do about it.
Early last week, I wrote about the many things we could be doing to try to bring down inflation. I’m working on a post about inflation and monetary policy—and why rate hikes are the wrong medicine for what ails us—but I won’t have it finished for another day or two.
So I thought I’d share a couple of things you might enjoy in the meantime. The first is a short video by Jim Stanford, who is a Canadian labor economist. There’s quite a lot of overlap in our thinking.
The other is a transcript of the televised address that President Carter delivered to the nation on October 24, 1978. This was Carter’s effort to have a “frank talk” with the American people about inflation and what we—all of us working together—could do to rein it in. When he delivered his remarks, headline CPI inflation was running 8.9 percent.
It’s an interesting read.
The following year, Carter appointed Paul Volcker and, well, the rest is history.