Daily Archives: May 27, 2023 at 03:41 am EDT

Book Bits: 27 May 2023

We Need to Talk About Inflation: 14 Urgent Lessons from the Last 2,000 Years
Stephen D. King
Review via Financial Times
Economic history is rarely taught in universities these days. This is a pity, since it is a better guide to policymaking than Nobel Prize winning theses in economic theory. As a result, every two generations or so we are destined to repeat serious policy mistakes. In Britain the Truss government failed to study the Barber Boom of 1972-73 and arguably the world’s central banks too have failed to learn from the oil price shocks of 1973 and 1980.
Stephen D King’s highly readable and informative book provides a welcome antidote… King’s canter through 2,000 years of inflationary history — from Emperor Diocletian’s debasement of the coinage through to the Federal Reserve’s decision in 2021 to allow inflation to run at above the 2 per cent “central target” — is instructive. Money matters.

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