How worried should we be about the surge in inflation? Prices rose 4.2% year-over-year in April, sending investors and financial analysts into a tizzy. There are palpable fears we’re headed for a sustained period of price hikes. Comparisons to the Carter administration are a dime a dozen.

You won’t find a harsher critic of contemporary macroeconomic policy than me. Nevertheless, I think inflation fears are significantly overblown.