Let’s talk about where your and also our money is going.

Do we get it back by asking for higher taxes from rich people or is it time to increase rather our own human capital and take responsibility even if our government doesn’t do it?

You may also want to switch from drinking beer to wine to safe a bit. Why?

Find out more and listen to this episode.

What is Inflation?

Demand Pull Inflation (2021)
Money circulates at a constant speed.
If more money is put into the system people have more money in their pockets and wish to buy more gods and services.
—> This results in too much money chasing too few goods —> leading to price rises

Cost Push Inflation (2022)
Scarcity of goods for sale due to export, waste and wars.
—> Higher production costs lead to higher costs for the consumer.

How it is measured? Year on year rise in general prices/ basket of representative household goods
Consumer Price Index July 2022 - CSO - Central Statistics Office

What can we do?
Ask for higher taxes? Of course not.

Save Money:
-Compare energy providers https://switcher.ie/gas-electricity/
-drive less (if you can)
-stop smoking

Make more money:
-increase human capital - Springboard program
-get the same job in a different company


Further Data/ Links:

Inflation types
Cost-Push Inflation vs. Demand-Pull Inflation: What's the Difference?

Inflation in Ireland
https://www.tcd.ie/Economics/staff/orourkek/ibrwinter00.pdf

Thomas Sowell - Basic Economics

13:50 - US printing money
How the FED Printed More Dollars than in History in 2020 & 2021

15:41 - War on oil
The Oil Wars Myth and International Conflict - Cornell University Press

17:11 - Inflation prices/ product basket 
Consumer Price Index July 2022 - CSO - Central Statistics Office

19:30 - Inflation 2021
https://www.cso.ie/en/releasesandpublications/er/cpi/consumerpriceindexjuly2021/

33:00 - Venezuela Passport
https://www.bbc.com/news/world-latin-america-45419665

45:00 - Decrease Oil Production
https://www.houstonchronicle.com/business/energy/article/Shell-admits-its-oil-production-is-now-on-decline-15944472.php

*Recorded on 16th August 2022