Changes

*Inflation is fundamentally a monetary phenomenon. The inflation of the 1970s came about primarily because [[Federal Reserve]] chairman Arthur Burns gunned the [[money supply]] to get [[Richard Nixon]] re-elected in 1972. He was followed by G. William Miller, appointed by [[Jimmy Carter]]. Miller didn’t have a clue about [[monetary policy]] and only made the dismal inflation situation he inherited far worse. [https://www.nationalreview.com/nrof_bartlett/bartlett200406140846.asp]-->

*Inflation is fundamentally a monetary phenomenon. The inflation of the 1970s came about primarily because [[Federal Reserve]] chairman Arthur Burns gunned the [[money supply]] to get [[Richard Nixon]] re-elected in 1972. He was followed by G. William Miller, appointed by [[Jimmy Carter]]. Miller didn’t have a clue about [[monetary policy]] and only made the dismal inflation situation he inherited far worse. [https://www.nationalreview.com/nrof_bartlett/bartlett200406140846.asp]-->

To an able-bodied person living on the dole with automatic "cost of living increases," the rate of inflation makes no difference. Whereas to a worker, saddled with the cost of supporting everyone who receives government support or subsidies, the dollar value of their labor to support themselves diminshes in real time.

To an able-bodied person living on the dole with automatic "cost of living increases," the rate of inflation makes no difference. Whereas to a worker, saddled with the cost of supporting everyone who receives government support or subsidies, the dollar value of their labor to support themselves diminishes in real time. A thief, for example, having invested nothing in terms of time and labor to acquire the item or commodity they steal, the value of the item or commodity means nothing other than the amount of illegal drugs the item or commodity can be exchanged for.

==Measures of inflation==

==Measures of inflation==