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This is CBS Eye on the World.

Here's John Batchelor.

The election just passed.

Inflation was the story.

We're told again and again by election specialists,

people who poll and read polls and give recommendations to candidates. But what does that mean?

Inflation was the story. And the American people were upset. They thought prices had gone up.

Why? I welcome John Cochran, who keeps the grumpy economist, which I highly recommend on Substack, his blog. John is at the university,

at Stanford University in Palo Alto. It's also a fellow, an esteemed fellow with the Hoover

Institution, participates in a video that I love to watch with John and his colleagues,

the good fellows. Right now, though, we're going to some economists

words that are important to understand. First, the questions John asked at the beginning of his

blog, did supply shocks or relative demand shocks cause the recent inflation? I read that

...