The pandemic and war, not government spending, caused inflation, according to Nobel Prize Winner Joseph Stiglitz. A new paper by Stiglitz (and Ira Regmi) for The Intercept has huge implications for everything about who holds power in American life.
As they put it, “Today’s inflation comes mostly from sectoral supply side disruptions, largely the result of the COVID-19 pandemic … and disruptions to energy and food markets originating from Russia’s invasion of Ukraine. … [It] is not the result of significant excesses of aggregate demand such as might have arisen from excessive U.S. pandemic spending.”
Joseph Stiglitz spoke at the John Adams several times. Visit our library or video page for the videos.