No one knows how long the current bout of low inflation will
last or what will eventually give rise to higher prices.' Economists typ-
ically distinguish between cost-push and demand-pull drivers of infla-
tionary pressures. As Texas Christian University economist John T.
Harvey puts it, cost-push inflation can happen because of "acts of
God" or “acts of power."2 For example, a serious drought could lead
to massive crop failures and food shortages that send prices soaring
as supply collapses. Or powerful storms could wipe out oil refiner-
ies, causing the price of energy to spike. A sustained increase in food
Think of Inflation
47
and energy costs, which feed directly into the CPI, can therefore set
off an inflationary process. Prices could also increase when workers
gain enough bargaining power to bid up their wages. To prevent the
increase in wages from squeezing profit margins, businesses may pass
these costs on to consumers in the form of higher prices. As the battle
over income shares rages back and forth, it can set off a wage-price
spiral that results in accelerating inflation. Companies with enough
market power can also unilaterally raise prices in a quest for greater
and greater profits. For example, pharmaceutical companies that en-
joy patent protections can raise the price of prescription drugs, add-
ing to overall health care costs, which then feed into inflation.3
ステファニー・ケルトンさんのツイート
現在の低水準のインフレがいつまで続くのか、何が最終的に物価上昇をもたらすのかは誰にもわからない。エコノミストは、インフレ圧力の原動力を、コストプッシュ型とデマンドプル型に分類しています。テキサス・クリスチャン大学の経済学者ジョン・T・ハーヴェイ氏は、「コストプッシュ型のインフレは、「神の行為」と「力の行為」によって起こる可能性があると述べています。また、強力な暴風雨によって石油精製所が全滅し、エネルギー価格が急騰する可能性もあります。食糧費とエネルギーコストが持続的に上昇すると、消費者物価指数に直接反映されるため、インフレのプロセスが始まる可能性がある。また、労働者が十分な交渉力を得て賃金を値上げした場合も、物価が上昇する可能性がある。賃金の上昇が利益率を圧迫するのを防ぐために、企業はこれらのコストを物価上昇という形で消費者に転嫁する可能性がある。所得シェアをめぐる争いが前後に激しさを増すと、インフレを加速させる結果となる賃金・価格スパイラルを引き起こす可能性がある。また、十分な市場力を持つ企業は、より大きな利益を求めて一方的に価格を引き上げることもできる。例えば、特許保護を享受している製薬会社は、処方箋薬の価格を引き上げることができ、全体的な医療費を増加させ、それがインフレにつながっていく。
ステファニー・ケルトン
@StephanieKelton
最新のエコノン・ブロ ケルトンが理解できていないのは、"インフレはいろいろなことが原因で起こりうる "ということだ。
ケルトン <コンサルトテキスト> 46-47頁 pic.twitter.com/oXzCEPDms6
No one knows how long the current bout of low inflation will
last or what will eventually give rise to higher prices.' Economists typ-
ically distinguish between cost-push and demand-pull drivers of infla-
tionary pressures. As Texas Christian University economist John T.
Harvey puts it, cost-push inflation can happen because of "acts of
God" or "acts of power."2 For example, a serious drought could lead
to massive crop failures and food shortages that send prices soaring
as supply collapses. Or powerful storms could wipe out oil refiner-
ies, causing the price of energy to spike. A sustained increase in food
Think of Inflation
47
and energy costs, which feed directly into the CPI, can therefore set
off an inflationary process. Prices could also increase when workers
gain enough bargaining power to bid up their wages. To prevent the
increase in wages from squeezing profit margins, businesses may pass
these costs on to consumers in the form of higher prices. As the battle
over income shares rages back and forth, it can set off a wage-price
spiral that results in accelerating inflation. Companies with enough
market power can also unilaterally raise prices in a quest for greater
and greater profits. For example, pharmaceutical companies that en-
joy patent protections can raise the price of prescription drugs, add-
ing to overall health care costs, which then feed into inflation.3
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