Paul Krugman

@paulkrugman ↗

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Last Checked July 20, 2022

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Tue Jun 21 18:42:57 +0000 2022

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Paul Krugman @paulkrugman

The real concern is self-fulfilling inflation — inflation not driven by demand exceeding supply, but simply everyone raising wages and prices because they expect others to be raising wages and prices 2/ — PolitiTweet.org

Posted June 21, 2022

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Paul Krugman @paulkrugman

OK, I thought everyone in the biz knew this, but anyway a real response. Part of the problem is that "wage-price spiral" is a really bad term for what we're really worried about 1/ — PolitiTweet.org

Genuine q … maybe something I just don’t understand, so genuinely looking for answers … but why do some people thin… https://t.co/RgZFUVJwBJ

Posted June 21, 2022

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Paul Krugman @paulkrugman

The ur-reference here is the 1968 Phelps paper on inflation — actually a better model although much worse writing than the famous Milton Friedman analysis — about how expectations could get "built in" 3/ https://t.co/Im9M7k3gQm — PolitiTweet.org

Posted June 21, 2022