Economics In One Lesson by Henry Hazlitt, chapter 3 ~ 77 years ago
People think of purchasing power merely in terms of money. Now, money can be run off by the printing press.
In fact, printing money is the world's biggest industry. If the product is measured in monetary terms, but the more money is turned out in this way, the more the value of any given untit of money falls.
This falling value can be measured in rising prices of commodities. But as most people are so firmly in the habit of thinking of their wealth and income, in terms of money, they can consider themselves better off as these monetary totals rise.
In spite of the fact that in terms of things, they may have less and buy less. Most of the good economic results, which people at the time, attributed to World War II were really owing to war time inflation.
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2023-02-27 07:20:34
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"content": "Economics In One Lesson by Henry Hazlitt, chapter 3 ~ 77 years ago\r\n\r\nPeople think of purchasing power merely in terms of money. Now, money can be run off by the printing press.\r\n\r\nIn fact, printing money is the world's biggest industry. If the product is measured in monetary terms, but the more money is turned out in this way, the more the value of any given untit of money falls. \r\n\r\nThis falling value can be measured in rising prices of commodities. But as most people are so firmly in the habit of thinking of their wealth and income, in terms of money, they can consider themselves better off as these monetary totals rise.\r\n\r\nIn spite of the fact that in terms of things, they may have less and buy less. Most of the good economic results, which people at the time, attributed to World War II were really owing to war time inflation.\r\n",
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