For the blog, I have divided the paper into various parts: 1) mainstream theories of inflation; 2) heterodox and other Marxist theories; 3) our theory, called a ‘value theory of inflation’; and finally 4) a discussion of the application of our theory to the recent spike in inflation since the paper was completed. The mainstream view of inflation can be divided into three groups: 1) the monetarist theory; 2) the Keynesian ‘excess demand’/cost-push theories; and 3) central bank expectations theory. The monetarist theory of inflation holds that inflation is purely a monetary phenomenon, i.e. The third mainstream theory of inflation is even weaker. So we have three mainstream theories of inflation: monetarism; Keynesian cost-push and ‘excess demand’; and expectations, none of which is convincing or borne out by the empirical evidence.