The rough guide to economic nonsense: why does the price of cheese matter more than the cost of climate change?

It is assumed that there could either be inflation or unemployment, and it is argued that if too many people are in work, it would reduce the competition for jobs, and hence the ability of employers to keep wages down, increasing the inflation. However, looking back over the last century, it is concluded that deflation and depression are both more normal and more threatening conditions for a market economy.