Ask Prof Wolff: Talk of Inflation and How It's Being Used

A Patron of Economic Update asks: "I am still struggling with the concept, terminology and reality of inflation. A little reading tells me that inflation is actually an increase in the supply of money mainly through the creation of debt by banks. It seems to me that there would be a "natural" increase in the supply of money because of an increase in population, workforce and productivity but not an increase in prices. Price increases are caused by owners, suppliers, distributors as a means to increase profits under the guise of "inflation" as terminology. The problem of price increases is further exacerbated when the increase of the supply of money is invested in stocks, assets and financial gimmickry, in effect stealing the increased productivity of the workforce. Am I on the right track?"

This is Professor Richard Wolff's video response.

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