The Quantity Theory of Money (Paperback)

Tim Congdon

ISBN 10: 0255368429 / ISBN 13: 9780255368421

Published by Institute of Economic Affairs, London, 2024

About this Item

Paperback. As Covid-19 hit the worlds leading economies, most economists in central banks and elsewhere expected years of disinflation or even falling prices. To counter the supposed risks, policy-makers embarked on expansionary measures which caused money growth to reach remarkably high rates in spring and summer of 2020. In the event inflation soared in the next few quarters. In 2022 it reached the highest levels for 40 years in the USA, Europe, the UK and elsewhere. In this bold new book Congdon laments the widespread forecasting failure. From the very start in late March 2020 he warned both that rapid money growth was to be expected and that it would lead to a serious inflation flare-up. In rigorous but accessible language, Congdon explains the continuing analytical power of the quantity theory of money. As with other inflation episodes in the past, the inflation of the early 2020s demonstrated the force of Milton Friedmans dictum that inflation is always and everywhere a monetary phenomenon. In this bold new book Congdon laments the widespread inflation forecasting failure. From the very start, he warned both that rapid money growth was to be expected and that it would lead to a serious inflation flare-up. In rigorous but accessible language, Congdon explains the continuing analytical power of the quantity theory of money. Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability.

Seller Inventory # 9780255368421

Bibliographic Details

• Title: The Quantity Theory of Money (Paperback)
• Publisher: Institute of Economic Affairs, London
• Publication Date: 2024
• Language: English
• ISBN 10: 0255368429
• ISBN 13: 9780255368421
• Binding: Paperback
• Condition: new

About this title

Synopsis

As Covid-19 hit the world’s leading economies, most economists – in central banks and elsewhere – expected years of disinflation or even falling prices. To counter the supposed risks, policy-makers embarked on expansionary measures which caused money growth to reach remarkably high rates in spring and summer of 2020. In the event inflation soared in the next few quarters. In 2022 it reached the highest levels for 40 years in the USA, Europe, the UK and elsewhere. In this bold new book Congdon laments the widespread forecasting failure. From the very start – in late March 2020 – he warned both that rapid money growth was to be expected and that it would lead to a serious inflation flare-up. In rigorous but accessible language, Congdon explains the continuing analytical power of the quantity theory of money. As with other inflation episodes in the past, the inflation of the early 2020s demonstrated the force of Milton Friedman’s dictum that ‘inflation is always and everywhere a monetary phenomenon’.