Economists: Too Much Money to Blame for Higher Prices

08/21/2004 Mises Wire Robert Blumen

This just in...it’s not so much the usual set of scapegoats and bad guys that is to blame for chronic price inflation. A few economists have advanced the radical notion that we are seeing the effects of too much money printing by central banks. From an article titled Too much money to blame for rising price of oil, economists claim

While conventional economic wisdom says that supply and demand factors are what drive changes in oil and other commodity prices, the influence of monetary policy cannot be overlooked, some analysts say.

and

small but influential group of economists thinks that a price fluctuation of this magnitude is determined less by supply and demand for oil, and more by that for money.

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