We Need to Talk About Inflation by Stephen D. King;

Author:Stephen D. King;
Language: eng
Format: epub
ISBN: 9780300271560
Publisher: Yale University Press

Some like inflation . . .

The main problem with the argument, however, is that defeating hyperinflations may – counterintuitively – be easier than defeating modest inflations. Although some people – the likes of Hugo Stinnes, most obviously – may benefit, hyperinflations ultimately destroy societies. Normal economic life simply cannot take place. Any government offering a credible alternative, particularly when backed by the international community (either the leading superpower back in the day or, in modern times, institutions like the IMF), is likely to receive support from most of its citizens: few, after all, are likely to be enthusiasts for the preservation of a hyperinflationary status quo.7 More moderate rates of inflation, however, suffer from the supermarket problem: too many people benefit from its presence and, in the process of stopping it, too many people fear they might lose out.

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