Reviewer's note

Introduction: What We Know About Inflation
Who is Blamed for Inflation? | Winners, Losers, Users, and Perpetrators of Inflation | Coping with the Unpredictable Inflation | Chapter Contents

Chapter 1: 5 Things They Don't Tell You About Inflation
1.
Good Inflation, Bad Inflation, Ugly Inflation | 2.
How to Measure Inflation | 3.
What you measure matters | 4.
Why House Price Inflation Is Hard to Measure | 5.
Why bother with complex statistics?

Chapter 2: Why We Respond to Inflation by Raising Interest Rates
If We Had a Hammer: Interest Rates and Inflation | The 1970s Story, Act 1: Volcker's Hammer and the Politics of Distribution | Price Controls: A Taboo Policy | The 1970s Story, Act 2: Richard Nixon's Price Controls | The Price Control Experiment in the 2020s: Mixed Results and Their Background | Means Beyond Interest Rate and Price Controls: Taxes, Agreements, and Buffer Blockers | Who Benefits and What from Alternatives to Interest Rate Hikes?

Chapter 3: Inflation Discourse and the Politics of Blame
The Causes of Inflation and Its Victims | Type 1: Too Much Money | Type 2: Excessively High Employment | Type 3: Supply Issues, But Temporary | Type 4: Corporate Greed | Inflation Driven by Structural Factors | Inflation Discourse and Politics

Chapter 4: The Reality of Hyperinflation
Hyperinflation: The Myth of Exaggerated Fears | 1.
Venezuela: Oil's Blessing Becomes a Curse | 2.
Zimbabwe: Reform Failure, Currency Collapse | 3.
Argentina: The Trap of Populism and the Currency Crisis | 4.
Germany: Weaponizing Inflation | Hyperinflation is an extremely exceptional phenomenon.

Chapter 5: Why We Failed to Predict Inflation
The Language of Power: Economics | The 1970s: A Turning Point in the Economic Paradigm | The New Religion of Price Stability Targeting and Central Bank Independence | Reassessing the Causes of the Great Easing | The Global Financial Crisis That Changed Our Idea of ​​Inflation | Revisiting the Official Narrative of History | Returning to the Queen's Question

Chapter 6: Is the War on Inflation a Class War?
The Central Bank's Two Weapons | Winners, Losers, and Users: The Income Effect, the Fisher Effect, and the Consumption Effect | Inflation Inequality Across Countries | Inflation and Class Conflict: Workers vs. Firms | Markups Boost Corporate Profits | Are Banks Really Victims of Inflation?

Conclusion: Is the Era of Inflation Over?
A Deflationary Future? | A Future of Inflation? | A Cautionary Tale: Supply-Side Disruption | The Way Forward

Acknowledgements | Note

“Now we have multiple inflation factors coming together and intertwining,
We have entered the era of the so-called 'London Bus'.

To adapt to the new era, read the 'structure' rather than the 'interest rate'.

“Inflation doesn’t hurt everyone equally!”
The True Face of Inflation, According to a World-Class Political Economist

We often think of inflation as a neutral economic phenomenon.
I believe that when prices rise, everyone suffers equally.
But "Inflation Attack" proves that this is a naive delusion.
Inflation never affects everyone equally.
Some people lose out, but others gain enormously.

The authors directly criticize the conventional view that explains inflation as a phenomenon of "excess demand"—too much money chasing too few goods.
Real inflation is the result of a complex mix of factors, including supply chain disruptions, soaring energy prices, price pass-through by monopolies, and geopolitical conflicts.
More importantly, who bears the costs and who benefits from the process of responding to inflation is determined politically.
For example, if the central bank raises interest rates, prices may be controlled.
But in the process, unemployment increases, and ultimately, workers and ordinary people pay the price.
On the other hand, those who own assets enjoy interest income at high interest rates.
The authors ask who benefits from inflationary policies and who is forced to make sacrifices.
Inflation is a political issue surrounding power and distribution before it is an economic issue.

The book begins by pointing out five facts that the media and experts don't tell you.
Although we use the term "inflation" so often, we are actually surprisingly ignorant about it.
A closer look at how inflation is measured, what items fall within the measurement range, and whether the measurement method is consistent across time periods and countries reveals how much of the inflation index we take for granted is a political product.
The book also goes beyond fragmentary knowledge to explain why the things that have the biggest impact on our lives, like housing prices, are not properly measured, and that not all inflation is created equal—there is good inflation, bad inflation, and ugly inflation.
This gives readers the insight to see beyond government announcements and news headlines.
As you read this book, you will gain insight into the nature of inflation that you previously didn't know about, and gain the insights to strategically choose your position.

Prepare for Inflation 2.0
Climate, geopolitics, and aging create new rules of the game.
The Political Economy of Inflation: What Economics Textbooks Don't Tell You

Another key takeaway from this book is the insight that we have entered an era of "Inflation 2.0," a time entirely different from the past.
For 40 years since the 1980s, the world has lived in an era of low prices, low interest rates, and low growth.
Globalization and technological advancements have stabilized prices, and inflation is now considered a relic of the past.
But now the tables are turned.

First, the climate crisis brings about permanent supply shocks.
Floods, droughts, and wildfires disrupt agriculture and energy production, and the decarbonization transition is costly.
Second, geopolitical conflicts fragment global supply chains.
The US-China trade war, tariff bombs, and economic coercion are reversing the benefits of globalization.
Third, demographic changes create labor shortages and upward pressure on wages.
Aging populations and low birth rates are fundamentally changing the economic structure not only in developed countries but also in emerging countries such as China and Korea.
These complex factors suggest that this is no longer a 'temporary price increase', but rather a signal of a structural shift in the economy.

The authors warn that these structural changes could cause inflationary forces to surge at once.
This is not a world where resolving a single factor, as in the past, is the end, but a world where multiple shocks occur simultaneously and interact.
In this environment, economics textbooks and policy manuals of the past may become useless.
"Inflation Attack" provides a lens through which to understand this new environment.
The political economic analytical framework presented in this book will enable readers to anticipate and prepare for the coming inflation shock.

"Inflation discourse is the language of politics, not economics."
A broader perspective on the power games behind economic news.
A provocative and compelling economic book that overturns conventional wisdom surrounding inflation.

The book systematically and logically explains inflation over six chapters.
As mentioned earlier, Chapter 1 reveals the truth about inflation that the media and experts don't tell you.
We dissect why there is such a difference between the inflation rate announced by the government and the rate perceived by citizens, and why important items such as housing are excluded or distorted from the index.
The key point is that what to measure as inflation is not a technical question but a political choice.
Next, we explore why central banks always resort to raising interest rates, and demonstrate through the successful examples of price control policies implemented in several European countries that there are various other response tools besides raising interest rates.
While not denying the role of interest rate policy, the authors emphasize that the policy portfolio should be adjusted according to the nature of the supply shock.

The book's highlight is its dissection of the four narratives surrounding inflation: fiscal spending, wage increases, supply shocks, and corporate greed.
Each discourse sharply analyzes who it blames, what solutions it proposes, and whose interests it ultimately represents.
This will help readers develop an eye for understanding the power games behind economic news.
It also dispels unnecessary fear by verifying the reality of hyperinflation through historical examples and traces why economists failed to predict this inflation through the "established history" of economics in the 1970s.

The most crucial question appears at the end.
"Is the War on Inflation a Class War?" The authors reveal who benefits and loses from inflation, and who exploits it for their own gain.
The conclusion presents two future scenarios, warning that the era of low inflation over the past three decades is over and that we must prepare for structural inflationary pressures created by the climate crisis, geopolitical realignment, and an aging population.
Each chapter is supported by real-world data and historical examples, and the authors use their characteristically sharp insights and meticulous writing style to clearly unravel complex economic theories.

"If you can't avoid it, read the structure and take advantage."
Inflation Survival Strategies to Protect Your Wealth

A must-read for everyone living in an inflationary era, from salaried workers to the wealthy.
The ultimate message of "Inflation Attack" is clear.
If inflation cannot be avoided, we must understand its structure precisely and respond strategically.
The authors provide concrete insights for preserving and growing wealth in an era of inflation.

First, inflation exacerbates inequality.
Those who own assets benefit from rising asset prices, while those who rely on wages suffer from a decline in purchasing power.
Therefore, at the individual level, it is important to secure inflation hedges such as real assets, stocks, and real estate.
Second, policy choices determine winners and losers.
Austerity policies may control prices but increase unemployment, while expansionary policies may stimulate growth but worsen inflation.
As citizens, we must critically consider which policies represent whose interests.
Third, the new era of inflation demands a new economic order.
The authors argue that rather than simply returning to the past, we need a new policy paradigm suited to the climate crisis and geopolitical shifts.
The key elements are supply chain diversification, green transition, revitalizing industrial policy, and strengthening the social safety net.

This book overturns conventional wisdom surrounding inflation and helps us prepare for the new economic environment we will live in.
Praised by world-renowned scholars, this provocative and compelling economics book will be an essential guide for navigating uncertain times.
As Adam Tooze said.
“We need a new inflation strategy.
This book is the starting point.”