In my days before I worked for the Mises Institute, I had a colleague who knew I associated with Austrian-school economists. In the wake of the bailouts and quantitative easing that followed the 2008 financial crisis, he’d sometimes crack “where’s all that inflation you Austrians keep talking about?”

But then, in the very same conversation, he’d remark with dismay on how much housing-price increases had outpaced household income in the region.

He didn’t need an answer from me. He’d found some of “that inflation” all on his own.



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