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Inflation is here. After a 40-year hiatus, we’re now in the midst of the phenomena characterized by rising prices and declining purchasing power. Many had warned about it, but it became inevitable in the wake of the pandemic with the passage of the $2 trillion American Rescue Plan. Did policymakers and economists anticipate the danger of inflation from massive fiscal stimulus, only to have their advice ignored? Or were they complacent? To answer these questions and more, Harvard economist and Pioneer Institute board member Ed Glaeser recently interviewed Larry Summers, former U.S. Treasury Secretary and former President of Harvard University, for a special episode of Hubwonk.
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