Mr. Johnson’s thesis can be summarized without much difficulty: after generations of extravagant and reckless industrial expansion, we are clearly entering an age of economic scarcity. While human demands continue to rise, natural resources, especially the non-renewable kind, become harder to find and more expensive to extract, process, transport and distribute. This simple brute fact is the basic cause of inflation, despite the inability of most professional economists to see it. (The...
