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This chapter argues that the bad thing about inflation is principally not its effects — the losses of ‘convenience and security’ to which older economists gave so much attention — but the weakening of the economy. If that is cured, inflation, with only a little help from monetary policy, will cure itself. The subject of hyper-inflation is briefly discussed.
Keywords: inflation; monetary theory; monetary policy; hyper-inflation
Chapter. 2239 words.
Subjects: Macroeconomics and Monetary Economics
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