Economist John Cochrane argues government spending caused high inflation. : The Indicator from Planet Money Welcome to the macroeconomic bar fight. Today, fists are being thrown over the causes of high inflation. But off to the corner stands John Cochrane, an economist with a core explanation for rising prices: government borrowing and spending.

Check out some of our earlier episodes on inflation:
- Why some economists last year were concerned about low interest rates and high government borrowing and spending
- Why the term 'transitory' inflation was banned by the Federal Reserve Bank of Atlanta as consumers spent and spent in 2021
- How the war in Ukraine raises prices around the world, including food prices, and a look at grain exports stuck in the country
- Whether corporate greed is to blame for inflation

A macroeconomist walks into a bar fight

A macroeconomist walks into a bar fight

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Economic stimulus checks Jeff Fusco/Getty Images hide caption

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Jeff Fusco/Getty Images

Economic stimulus checks

Jeff Fusco/Getty Images

Welcome to the world of macroeconomic bar fights. Today, the heavyweights are throwing fists over the cause of inflation. And, there are a ton of potential culprits: the war in Ukraine, low interest rates, new coronavirus variants, lockdowns in China...

But off to the corner stands John Cochrane, the Grumpy Economist, with a core explanation: government borrowing and spending.

Check out some of our earlier episodes on inflation:

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