https://www.aier.org/article/what-should-be-done-to-fight-inflation-a-u-s-lawmaker-interviews-two-michigan-economists/
The following is a recent discussion between US Congresswoman Lisa C. McClain, Northwood University Economics department chair Dr. Dale C. Matcheck and Dr. Timothy G. Nash, director of the McNair Center for the Advancement of Free Enterprise and Entrepreneurship at Northwood University. The conversation centered around recent comments by US Federal Reserve Bank Chairman Jerome Powell, and how the Federal Reserve intends to bring our 40-year high inflation rate down to levels prior to 2021.
McClain: It’s great to be here with two of my favorite economists, Northwood University’s Dr. Tim Nash, and Dr. Dale Matcheck, to discuss Federal Reserve monetary policy. Dale let’s start with you defining inflation.
Matcheck: Sure, Lisa, it’s great to be here. Inflation is the decline in a country’s currency purchasing power over a sustained period of time. Inflation is reflected in an increase in the average price level of goods, services, and assets. The best-known yardstick to measure US inflation is the Consumer Price Index or CPI.
McClain: Tim, your and John Hantz’s late January inflation piece in The Detroit News underscored why it’s so important to discuss Milton Friedman when determining the cause of inflation and how to battle it. Especially topical, given our current inflation rate is at a 40-year high as measured by the CPI.