But if asset price inflation turns to asset price deflation first, bringing about recession, then goods and services inflation is pre-empted in the immediate cycle.
Most of them in a context of an expanded vision of basic education for all that should go from one year of pre-primary across to the lower secondary school cycle.
The first is more dangerous, and the case for pre-emptive action stronger, he argues, because it comes with a cycle of leveraging against rising asset values.