Thursday, January 12, 2012

The roots of inflation

Henry Hazlitt
How Inflation Breeds Recession
March 1975 • Volume: 25 • Issue: 3
This article is based on a paper delivered January 6, 1975, at a monetary conference in Miami.
Both general economic and purely monetary theory are supposed to have made immense advances since the middle of the eighteenth century, yet the confusion and chaos in economic and monetary theory have never been greater than they are today. One would think, listening to television and reading the newspapers and mag­azines, that inflation — in the pop­ular sense of soaring prices —were some infinitely complicated, mysterious and incurable afflic­tion that had suddenly struck us from the blue, instead of simply what it is — the inevitable conse­quence of the actions of government in overspending and then printing paper money....

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