Most economists know Milton Friedman’s maxim that “inflation is always and everywhere a monetary phenomenon”. But Covid supply shocks, the Ukraine war and now Reserve Bank governor Lesetja Kganyago’s comments about load-shedding being inflationary, are presenting exceptions that disprove the rule.

What the governor was also doing by moving so far away from consensus on economic growth was making a powerful point — to those sleeping MPs especially — that the restraints holding this economy down are not found in the Black Tower but Luthuli House...

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