Economics a-la Gittins. From where comes inflation

Ahh Ross Gittins. The Economics Editor of The Sydney Morning Herald. Recently in the SMH, Gittins wrote:

… inflation is caused by aggregate (total) demand for goods and services growing faster than aggregate supply – the economy’s ability to produce those goods and services.

Ummm. No. Sorry Ross. Wrong. Put your John Maynard Keynes down.

Ok. Economic…