This week the inflation rate in the UK hit one percent. It’s a long way from the high teens of the late seventies and early eighties. In this inaugural episode of The Debunking Economics Podcast, Phil Dobbie suggests that low inflation is a good thing. It means prices aren’t going up. But, Prof. Steve Keen suggests there’s one reason we should be welcoming higher inflation. He also discusses the role of inflation in monetary decisions made by Reserve Banks around the world.