In this crisis the money supply has already increased far more than during the last crisis. But it's hard to say when this will produce inflation because we're still in the midst of a demand shock and a collapse in oil prices.
Prices and purchasing power are determined by how individual consumers value goods and services. The "velocity of money" won't help us understand prices or the money supply.
We've reached the end of Human Action! Tom Woods joins the podcast to discuss Part Seven, "The Place of Economics in Society," and it's a show you don't want to miss.
Although politicians lecture private companies for raising prices, it is governments that have for decades raised the prices of goods and services by limiting supply and raising costs.
David Henderson explains some of the major problems with the so-called "stimulus" bill, and discusses the protest he helped organize against California's lockdown.
