Globalization and the Cost-Push Fallacy (amv)

There is a lot of confusion when it comes to the disinflationary effects of real forces like competition and productivity. Indeed, many economists stuck to the old but nevertheless fallacious cost-push theory of Stuart (1767!), the Anti-bullionists and the Banking School. Thomas M. Humphrey explains why inflation, disinflation and deflation are never cost-driven. Click here.