High stock prices aren't considered inflation by economists, they're considered asset bubbles. They're not wrong, they're just speaking a different language th

High stock prices aren't considered inflation by economists, they're considered asset bubbles. They're not wrong, they're just speaking a different language than you are and don't agree with the definition of inflation. This is because asset bubbles tend to pop over the long term and come back down to ground. There's the idea of Cantillon effects where there's inflation in the kinds of things that rich people spend their money on. But that theory has attached to it the notion that inflation necessarily trickles down from there as the wealth trickles out, and economists will object to that because like the quote says it just hasn't been observed to happen (consistent with the fact that the rich keep getting richer and the poor keep getting poorer in this economy, and we're doing the opposite of "raising all boats").