Inflation Surge Earns Monetarism Another Look
Money supply is still hampered by practical problems but might offer insights into how spending boom lifted prices
By Greg Ip
Milton Friedman is having a moment.
The Nobel Prize-winning economist, who died in 2006, famously declared that inflation is always and everywhere a monetary phenomenon. Surging money supply and inflation in the past year have Mr. Friedman’s followers declaring, “I told you so.”