It is a bit jarring when a secure and comfortable professor writes that others must lose their jobs so that inflation can be contained. And it is even worse if he explains that “the only solution … is to restrain demand” through higher interest rates – a very good solution for those with cash on hand. But let me reply on the merits to Jason Furman’s recent call for this “solution.” Furman writes that in the United States: “Aside from food and energy price increases, the bulk of the inflation was originally caused by demand.” The words “aside from” are key. Over the 12 months through June 2022, energy prices are up 40% – with gasoline up 60% and fuel oil up almost 100% – and food prices hav
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