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