Essay On Inflation With Quotes

War has brought inflation even to the graveyard.

Today it is cheaper to start a business than tomorrow.

A dad standing up near the stands' top with a Toshiba viewfinder to his eye takes a tomahawking baton directly in the groin and falls forward onto somebody eating a Funnel Cake, and they take out good bits of several rows below them, and there's an extended halt to the action, during which I decamp--steering clear of the sixteen-year-olds on the basketball court--and as I clear the last row yet another baton comes wharp-wharping cruelly over my shoulder, caroming viciously off big R.'s inflated thigh.

If one day Balloon Dog’s value bursts and shrivels in a Koons crash, we can only hope that Anonymous has an ongoing relationship with his orange pooch that can sustain the inevitable inflations and deflations of all speculative markets. In fact, a balloon serves as a nice metaphor for the lessons of history: you blow and you blow and you blow, and the thing gets larger and larger and larger still, and in your excitement you forget the laws of physics, and you begin to believe that your balloon is like no other balloon in the world—there is no limit to its size. And then, it pops.

In the classic liberal formulation, the press is seen as a pure expression of democracy. Thus, in the United States, the Constitution protects the press from the government, which, despite having been elected democratically, is assumed by American political culture to harbour undemocratic tendencies. In the Singapore model, the formula is reversed. The elected government is the embodiment of democratic expression. Government, which expresses the will of the people, must be protected by the unelected press, which is prone to being swayed by private commercial interests, narrow ideological missions or, at the very least, the hubris of journalists' inflated egos.

There is an excellent short book (126 pages) by Faustino Ballvè, Essentials of Economics (Irvington-on-Hudson, N.Y.: Foundation for Economic Education), which briefly summarizes principles and policies. A book that does that at somewhat greater length (327 pages) is Understanding the Dollar Crisis by Percy L. Greaves (Belmont, Mass.: Western Islands, 1973). Bettina Bien Greaves has assembled two volumes of readings on Free Market Economics (Foundation for Economic Education). The reader who aims at a thorough understanding, and feels prepared for it, should next read Human Action by Ludwig von Mises (Chicago: Contemporary Books, 1949, 1966, 907 pages). This book extended the logical unity and precision of economics beyond that of any previous work. A two-volume work written thirteen years after Human Action by a student of Mises is Murray N. Rothbard’s Man, Economy, and State (Mission, Kan.: Sheed, Andrews and McMeel, 1962, 987 pages). This contains much original and penetrating material; its exposition is admirably lucid; and its arrangement makes it in some respects more suitable for textbook use than Mises’ great work. Short books that discuss special economic subjects in a simple way are Planning for Freedom by Ludwig von Mises (South Holland, 111.: Libertarian Press, 1952), and Capitalism and Freedom by Milton Friedman (Chicago: University of Chicago Press, 1962). There is an excellent pamphlet by Murray N. Rothbard, What Has Government Done to Our Money? (Santa Ana, Calif.: Rampart College, 1964, 1974, 62 pages). On the urgent subject of inflation, a book by the present author has recently been published, The Inflation Crisis, and How to Resolve It (New Rochelle, N.Y.: Arlington House, 1978). Among recent works which discuss current ideologies and developments from a point of view similar to that of this volume are the present author’s The Failure of the “New Economics”: An Analysis of the Keynesian Fallacies (Arlington House, 1959); F. A. Hayek, The Road to Serfdom (1945) and the same author’s monumental Constitution of Liberty (Chicago: University of Chicago Press, 1960). Ludwig von Mises’ Socialism: An Economic and Sociological Analysis (London: Jonathan Cape, 1936, 1969) is the most thorough and devastating critique of collectivistic doctrines ever written. The reader should not overlook, of course, Frederic Bastiat’s Economic Sophisms (ca. 1844), and particularly his essay on “What Is Seen and What Is Not Seen.” Those who are interested in working through the economic classics might find it most profitable to do this in the reverse of their historical order. Presented in this order, the chief works to be consulted, with the dates of their first editions, are: Philip Wicksteed, The Common Sense of Political Economy, 1911; John Bates Clark, The Distribution of Wealth, 1899; Eugen von Böhm-Bawerk, The Positive Theory of Capital, 1888; Karl Menger, Principles of Economics, 1871; W. Stanley Jevons, The Theory of Political Economy, 1871; John Stuart Mill, Principles of Political Economy, 1848; David Ricardo, Principles of Political Economy and Taxation, 1817; and Adam Smith, The Wealth of Nations, 1776.

Garner’s aside about linguists’ writing has wider applications, though ADMAU mostly keeps them implicit. The truth is that most US academic prose is appalling — pompous, abstruse, claustral, inflated, euphuistic, pleonastic, solecistic, sesquipidelian, Heliogaba-line, occluded, obscure, jargon-ridden, empty: resplendently dead. See textual INTERPOLATION much below. (back to text)

I felt guilty about leaving Meyer alone for so long. I had no way of knowing Willy was going to make ZsaZsa sound like a mute. I always feel guilty when I keep Meyer waiting. And there is never any need for it. He never paces up and down, checking the time. He has those places to go, inside his head. He looks as if he was sitting and dozing, fingers laced across his middle. Actually he has walked back into his head, where there are libraries, concert halls, work rooms, experimental laboratories, game rooms. He can listen to a fine string quartet, solve chess problems, write an essay on Chilean inflation under Allende, or compose haiku. He had a fine time back in there. If you could put his head in a jar of nutrient and keep him alive forever, he would wear forever that gentle, contented little smile.

The seven bad-humored and unfunny devils who eat ourselves and our narratives alive are Pretentiousness, Pomposity, Presumption, Pontificality, Pavoninity or Peacockery, Pornography, and Pride, these seven offenses to all life. They have oozed out from under the iron doors and then they have inflated themselves immeasurably.

the consequences of this state of affairs have been drawn by the Hungarian-born American financier George Soros who, in an essay published in September 2012 (Soros 2012), argued that in order to avoid a definitive split of the euro zone into creditor and debtor countries, and thus a likely collapse of the EU itself, Germany must resolve a basic dilemma: either assume the role of the ‘benevolent hegemon’ or else leave the euro zone. If Germany were to give up the euro, leaving the euro zone in the hands of the debtor countries, all problems that now appear to be insoluble, could be resolved through currency depreciation, improved competitiveness, and a new status of the ECB as lender of last resort. The common market would survive, but the relative position of Germany and of other creditor countries that might wish to leave the euro zone would change from the winning to the losing side. Both groups of countries could avoid such problems if only Germany was willing to assume the role of a benevolent hegemon. However, this would require the more or less equal treatment of debtor and creditor countries, and a much higher rate of growth, with consequent inflation. These may well be unacceptable conditions for the German leaders, for the Bundesbank and, especially, for the German voters.

Rather than embody an inflated image of their invincibility, their disposition is predominantly peaceful and at ease, which is the mark of a truly secure person.

We confront a paradoxical process, then, whose duality - tetanization and inertia, acceleration in a void, overheated production with no attendant social gains or aims - is a reflection of the two phenomena conventionally attributed to the crisis: inflation and unemployment. Traditionally, inflation and unemployment are variables in the equation of growth. At this level, however, there is really no question of crisis: these phenomena are anomic in character, and anomie is merely the shadow cast by an organic solidarity. What is worrying, by contrast, is anomaly. The anomalous is not a clear symptom but, rather, a strange sign of failure, of the infraction of a rule which is secret - or which, at any rate, we know nothing about. Perhaps an excess of goals is the culprit - we simply do not know. Something escapes us, and we are escaping from ourselves, or losing ourselves, as part of an irreversible process; we have now passed some point of no return, the point where the contradictoriness of things ended, and we find ourselves, still alive, in a universe of non-contradiction, of enthusiasm, of ecstasy - of stupor in the face of a process which, for all its irreversibility, is bereft of meaning.

There may be few instances in which the superstition that only measurable magnitudes can be important has done positive harm in the economic field: but the present inflation and employment problems are a very serious one. Its effect has been that what is probably the true cause of extensive unemployment has been disregarded by the scientistically minded majority of economists, because its operation could not be confirmed by directly observable relations between measurable magnitudes, and that an almost exclusive concentration on quantitatively measurable surface phenomena has produced a policy which has made matters worse. It has, of course, to be readily admitted that the kind of theory which I regard as the true explanation of unemployment is a theory of somewhat limited content because it allows us to make only very general predictions of the kind of events which we must expect in a given situation. But the effects on policy of the more ambitious constructions have not been very fortunate and I confess that I prefer true but imperfect knowledge, even if it leaves much indetermined and unpredictable, to a pretense of exact knowledge that is likely to be false. The credit which the apparent conformity with recognized scientific standards can gain for seemingly simple but false theories may, as the present instance shows, have grave consequences. In fact, in the case discussed, the very measures which the dominant “macro-economic” theory has recommended as a remedy for unemployment, namely the increase of aggregate demand, have become a cause of a very extensive misallocation of resources which is likely to make later large-scale unemployment inevitable. The continuous injection of additional amounts of money at points of the economic system where it creates a temporary demand which must cease when the increase of the quantity of money stops or slows down, together with the expectation of a continuing rise of prices, draws labor and other resources into employments which can last only so long as the increase of the quantity of money continues at the same rate—or perhaps even only so long as it continues to accelerate at a given rate. What this policy has produced is not so much a level of employment that could not have been brought about in other ways, as a distribution of employment which cannot be indefinitely maintained and which after some time can be maintained only by a rate of inflation which would rapidly lead to a disorganization of all economic activity. The fact is that by a mistaken theoretical view we have been led into a precarious position in which we cannot prevent substantial unemployment from re-appearing; not because, as this view is sometimes misrepresented, this unemployment is deliberately brought about as a means to combat inflation, but because it is now bound to occur as a deeply regrettable but inescapable consequence of the mistaken policies of the past as soon as inflation ceases to accelerate.