Although inflation has risen sharply for multiple reasons, increased demand is by far the most important factor. The common argument about strangled ports, microchip shortages, and other supply-side issues simply cannot explain why advanced economies grew so briskly in 2021.
This Inflation Is Demand-Driven and Persistent | by Jason Furman - Project Syndicate
Jason Furman emphasizes that all the stories about supply shortages cannot explain the economic big picture.
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