The ‘Hidden Hand’ Exposed?
“But the free market is not primarily a device to procure growth. It is a device to secure the most efficient use of resources.” — Henry C. Wallich, a Governor of the Federal Reserve System from 1974 to 1986.
Researching inflation has been an eye-opener: What is the best definition? Either we’ve lost the plot or there isn’t one, just some platitudes:
“The overall general upward price movement of goods and services in an economy, usually as measured by the Consumer Price Index and the Producer Price Index.”
“A persistent increase in the level of consumer prices or a persistent decline in the purchasing power of money, caused by an increase in available currency and credit beyond the proportion of available goods and services.”
They all come down to: ‘A sustained, rapid increase in general price levels.”
What causes it? Now, that’s a toughie.