Just What Exactly Do Conservatives Think Inflation Is? The debate over inflation has taken an unexpected turn, with some critics seemingly forgetting the term's definition.
The Wall Street Journal's editorial page has recently adopted a Keynesian tone, arguing that government spending drives inflation through "excess demand.
" This shift is puzzling, given the WSJ's history as a champion of free market orthodoxy under Robert Bartley and George Melloan. They adhered to Say's Law, which holds that consumption precedes production.