Hayek Order
Monday, August 8, 2011
Inflate the anger
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In a path-breaking paper authored in 1952, E M Bernstein and I G Patel argued that inflation in economic terms is a manifestation of excess demand triggered by excess supply of money not matched by availability of consumable output. But in political terms, inflation is the outcome of the struggle between different sections of society to claim a share of what they believe is rightfully theirs.
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