Monday, May 12, 2008

Inflation Reduces the Wealth of the Rich

Great quote:

[The] fundamental political economy fact about inflation: that unanticipated increases in inflation reduce the wealth of net creditors, who map more or less perfectly on the rich as a whole. There will always be a need to find a reason to make inflation the scapegoat for whatever ails the general public

-Peter Dorman

No comments: