Understanding the Roots of the New Inflation: With Rob Tarr
The most distinctive feature of the U.S. economy since the Covid pandemic has been a return to rates of inflation not seen since the early 1980s. What is inflation and where does it come from? How does finding the proper answer to this question depend on a clear understanding of economics, and ultimately, of philosophy? Join Ben Bayer for an interview with Rob Tarr, an expert on economics, to explore the answers to these questions and to discuss Ayn Rand's distinctively philosophical analysis of the economics of inflation in her essay "Egalitarianism and Inflation."
Among the topics covered:
● Whether inflation is an increase in the price level or in the money supply;
● Ayn Rand’s explanation of the epistemological causes of inflation in “Egalitarianism and Inflation”;
● How Rand’s economic views contrast with the Keynesian view;
● How Rand’s economic views compare to those of various free market economists;
● Different ways of measuring inflation;
● The causes of the current increase in prices;
● How the Federal Reserve manipulates money supply and interest rates;
● The impacts of Federal Reserve policy on productive activity;
● Why proposed remedies like price controls, increased corporate taxes and antitrust prosecutions only make matters worse;
● Whether mainstream economists have learned or will learn anything from their failed predictions.
0:00:00 Introduction
0:01:03 Price level or money supply?
0:05:26 Epistemological causes
0:13:09 Rand vs. Keynes
0:19:57 Rand and other free marketers
0:27:06 Measuring inflation
0:33:06 Causes of price increases
0:39:38 Federal Reserve manipulation
0:49:48 Impacts on production
0:52:24 Harmful "remedies"
1:02:20 Can mainstream economists learn?
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