Markets can’t price in anything somebody else isn’t willing to pay. Everybody wants a million dollars an hour. The secret to inflation is understanding why you

Markets can’t price in anything somebody else isn’t willing to pay. Everybody wants a million dollars an hour. The secret to inflation is understanding why you don’t get a million dollars per hour and why a firm doesn’t get a million dollars per car. Call it the disappointment theory of inflation. Prices remain stable only when everybody is scared they won’t get anything if they ask for more money.