“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”

—  Milton Friedman

The Counter-Revolution in Monetary Theory (1970) <!-- ([[w:Institute of Economic Affairs
Context: Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. … A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.

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Milton Friedman 158
American economist, statistician, and writer 1912–2006

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