Economist/Professor Dr. Richard Wolff assigns blame for inflation where it belongs, and it ain't Bid

[egbertowillies]

Economist & Professor Dr. Richard Wolff pointed out that our current inflation is a choice in no uncertain terms. Let’s stop the insanity.

https://egbertowillies.com/2022/04/16/economist-professor-dr-richard-wolff-assigns-blame-for-inflation-where-it-belongs-and-it-aint-biden/

[FBaggins]

1. That's straight up Marxian economic theory... but it doesn't really explain current events

All of the statements about who sets prices have been equally true over the last decade or more where we have seen virtually no inflation at all (indeed - fought to avoid deflation in many cases). There's no explanation in there for why we have a problem over the last 16 months and not before that.

It would be nuts to look back at the 70s and conclude that price controls were the way to handle our current situation.

Then Dr. Wolff appears to create history out of whole cloth with his Nixon example. Nixon's wage and price controls are thought to be a massive failure by almost every economist out there - and they certainly didn't work at restraining inflation. Prices "stopped on a dime" just long enough for him to get reelected and then got much worse.