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....