The David Lin Report · Wednesday, July 1, 2026
EJ Antoni firmly rejected the Keynesian notion of a Phillips curve, arguing that high employment and wages do not inherently cause rising prices. Citing Say's Law, he posited that increased production and employment lead to more goods and services, which should exert downward, not upward, pressure on prices.
“Well, it's, you know, I I think this is this is that uh that old Keynesian trade-off, which I I actually don't agree with, but it's this idea of well, if we tolerate some inflation, then we can have these these lower interest rates.”
“Uh, of course, you still have that inflation. You know, it's it's essentially giving with one hand and and taking away with the other, but but it goes back to this idea of what is actually causing the inflation. I I reject wholeheartedly and and Kevin Worsh does too, this this Keynesian notion of a Phillips curve that somehow too many people being employed and being gainfully employed and making money is somehow going to cause prices to rise.”
“Look, Se's law is just as true today as it was when when he authored it hundreds of years ago. The fact is supply creates its own demand. More people working and more people producing means there are more products and services in the economy to soak up all of that excess liquidity and it puts downward not upward pressure on prices.”