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Inflation is Always and Everywhere a Monetary Phenomenon

Posted By on February 8, 2009

“I have never found the familiar statement that inflation is everywhere and at all times a monetary phenomenon to be a very edifying one: for the price level is the inverse of the purchasing power of money, so that by the same token one can say that the price of potatoes is a potato phenomenon.”

Don Patinkin, “Some Observations on the Inflationary Process”


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