Return of Inflation
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The last year has seen the return of inflation as a preoccupation of political decision-makers, economists and the general public. After two decades of wondering why inflation was so low, despite vast economic stimulus, economists were surprised by the recent surge of price increases. Despite disagreement about what exactly is happening in the economy, there is unanimity that growth must be slowed in order to control inflation. To focus on inflation’s return, Paul Mattick looks at past and present, placing current events in the context of capitalism’s history. Exploring in novel terms the nature of money itself, he provides a concise, jargon-free understanding of recent inflation, and official efforts to control it, illuminating the state of our contemporary economy.
Paul Mattick is Emeritus Professor of Philosophy at Adelphi University, New York. He is the author of Business as Usual (Reaktion, 2012) and Theory as Critique: Essays on Capital (2019), and editor of Reaktion’s Field Notes series. He is the former editor of the International Journal of Political Economy, and lives in San Francisco.