"There were non-monetary reasons (sorry, Milton) for the inflation post-COVID including supply chain disruptions and a hot labor market." You make it sound like Friedman did not allow for such factors, which would be incorrect. Supply chain disruptions reduce supply which Friedman would definitely agree tends to be inflationary. It is not just the supply of money that matters. His equation allows for this.
George, many of my posts deal with m+v=p+y.
This recent one could interest you:
https://marcusnunes.substack.com/p/monetary-mechanics
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Thanks, I'll have a look.
"There were non-monetary reasons (sorry, Milton) for the inflation post-COVID including supply chain disruptions and a hot labor market." You make it sound like Friedman did not allow for such factors, which would be incorrect. Supply chain disruptions reduce supply which Friedman would definitely agree tends to be inflationary. It is not just the supply of money that matters. His equation allows for this.
Maybe. I was referencing his quote about inflation being always and everywhere a monetary phenomenon.