What I'm critiquing is the slow drift of the notion of inflation to focus almost exclusively on wage inflation, to the extent that all wage increases are bad (and not just, as theory would have it, increases that are higher than productivity increases and push the share of value going to labor higher), and the simultaneous abandonment of any worry about asset inflation. This has been less true of the ECB, which I expect will emerge out of this mess with its reputation enhanced, both for a pragmatic policy in the past few years, and for its no-nonsense response to the current crisis. In the long run, we're all dead. John Maynard Keynes
In other words isn't profit - virtually by definition - the principal direct "cause" of inflation? "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
