Dec 1, 2008
“Rising commodity prices are the most easily observed effect of inflation, but not inflation itself.
Inflation is not just consumer price inflation, but rather an increase in the supply of money that can inflate asset prices. When consumer prices like car prices, furniture, and oil increase, consumers are outraged and want something done about it. But when asset prices increase, many people are overjoyed.
— Edward Harrison. Devaluation bad, increased money supply good as causes of inflation?
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