Inflation in the USA: A delicate balance (P*T = M*V)

Author: Jeffrey Cohen, President, Chicago Quantum, Updates May 19, 2021 and August 5, 2021

I attended the University of Chicago in the late 1980s in the economics department. We were taught inflation by a Nobel Prize winner in economics, Robert Lucas Jr., who spoke about Rational Expectations (often). He was a great professor who taught us a simple definition of inflation.