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Opinions | What scaremongering about inflation gets wrong Rebecca Spang © Justin Sullivan/Getty Images Packages of beef cuts are displayed at a Costco store in Novato, Calif., on Monday. Inflation. We all know it when we see it. Prices rise, gas stations have lines. Graphs point upward. Eyebrows lift. Eyeballs roll. From Mary Tyler Moore gently tossing a package of meat into her shopping cart in the opening credits of her 1970s sitcom to a recent cartoon asking if there’s a vaccine for “sticker shock,” inflation would seem to be the most visible of macroeconomic phenomena. Economist Milton Friedman repeatedly counseled: “Inflation is always and everywhere a monetary phenomenon.” Friedman, sometimes called the most influential economist of the 20th century, argued that prices automatically rose whenever too much money chased too few goods. His best-selling books, television series and role in Ronald Reagan’s White House made his “monetarism�

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