Just What Exactly Do Conservatives Think Inflation Is?
The article discusses differing views on inflation, particularly among conservatives and Keynesians. It critiques the Keynesian belief that government spending can stimulate economic growth, arguing instead that production is the true driver of consumption. The author highlights how recent inflation discussions have shifted, with some conservatives adopting Keynesian language regarding government spending and inflation.
- ▪The article critiques the Keynesian view that government spending is a primary driver of economic growth.
- ▪It emphasizes that conservatives believe all consumption is preceded by production, and that government does not produce anything.
- ▪The Wall Street Journal's editorial page has recently aligned with Keynesian ideas regarding inflation and government spending.
Opening excerpt (first ~120 words) tap to expand
BusinessPolicyJust What Exactly Do Conservatives Think Inflation Is?ByJohn Tamny,Contributor.Follow AuthorMay 17, 2026, 10:00am EDT100 US dollar banknotes symbols of the global economy spread out on a table in Clermont-Ferrand France on June 12 2025. (Photo by Romain Costaseca / Hans Lucas via AFP) (Photo by ROMAIN COSTASECA/Hans Lucas/AFP via Getty Images)Hans Lucas/AFP via Getty ImagesJust as the left captured the formerly laudatory descriptor of “liberal,” economists have stolen “inflation.” Once evidence of currency shrinkage, inflation has now become too much economic growth. Worse, implied in the impossibility of “too much economic growth” is the thoroughly bankrupt Keynesian notion that government spending is a primary accelerator of the economic growth.
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