There are no new questions in economics. The answers, however, change constantly. Asked about the inflation question just one month ago, I said we should support poorer households through what is probably a transitory phenomenon caused by a once in a century pandemic, note the political element in all of it, the class-based element to all of it, and move swiftly on.  The answer to the question of what do we do about inflation is very different today.  Consider the scale of the shock to the international economy over the last two weeks. The weekly gross domestic product tracker from…

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