'CNN reported on Wednesday that we may have new culprits for inflation: Beyonce and Taylor Swift.' -Jon Miltimore
“Taylor Swift and Beyonce are impacting inflation and the GDP with their respective tours,” CNN tweeted with a segment discussing the macroeconomic impact of the tours of the two celebrities.
Baader is right that prices of goods and services at events go up a lot, which is why it’s not a surprise that massive tours such as Eras can rack up billions of dollars in gross domestic product. Fans spend lots of money at big events — whether it’s a Beyonce concert, a Yankees game, or a NASCAR race — where they buy expensive food, drinks, and souvenirs.
First, it’s important to understand that price changes are not in themselves evidence of inflation. Prices of goods and services are changing all the time because of changes in supply and demand. The point is, higher prices don’t necessarily mean inflation. And the idea that “superstar tours” spur inflation is one on which the Economist recently poured cold water.
Did you catch that? Inflation, according to the long-standing definition, was an expansion of the money supply. The result of inflation was higher prices.
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