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This chapter argues that although it is correct, nowadays, to take it that inflation is expected, it is a mistake to suppose that the expectation of inflation is consistent. One should distinguish between the effects of inflation on different kinds of markets and different kinds of dealings. Any system of prices has to satisfy canons of economic efficiency and canons of fairness — canons which it is very difficult to make compatible.
Keywords: economic theory; inflation; economic efficiency; fairness
Chapter. 3498 words.
Subjects: Macroeconomics and Monetary Economics
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