“Perhaps I'm unrealistic. As long as people do not fully realize the danger of inflation, they may well pressure for more inflation as a short-term remedy for evils. Though we may well be driven into more, until people have learned the lesson, but that means that inflation may still do more of a great deal of harm, before it will be cured.”

— Friedrich Hayek

1975 interview https://mises.org/library/hayek-meets-press-1975 on "Meet the Press."
1960s–1970s

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Perhaps I'm unrealistic. As long as people do not fully realize the danger of inflation, they may well pressure for mor…" by Friedrich Hayek?

Friedrich Hayek 79

Austrian and British economist and Nobel Prize for Economic… 1899–1992

Related quotes

“Low inflation and government prudence may be harmful for economic development.”

Ha-Joon Chang book Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

Prologue, p. 18
Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008)

“The sentence, 'stopping the printing presses,' is a figurative expression, because it is being done now by creating credit by the Federal Reserve System. But this is government action — all inflation is ultimately the result of activities which government determines and can control. And all inflations have been stopped in the past by the government stopping creating money, or preventing the central bank from creating more money. May I add just one thing? See, all inflations have been stopped by people who created or believed in a very naive form of the Quantity Theory, and acted on that. It may be wrong, but it is the only adequate theory effective to stop an inflation.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1975 interview https://mises.org/library/hayek-meets-press-1975 on "Meet the Press."
1960s–1970s

“It is not, you know, that you lie well, cousin. It’s merely that no one is foolhardy enough to call you on it. This may have given you an inflated idea of your skill at dissimulation.”

Lois McMaster Bujold book The Hallowed Hunt

Source: World of the Five Gods series, The Hallowed Hunt (2005), Chapter 8 (p. 136)

“There are many reasons there was higher inflation in the 1970s. But that is a complicated story that deals with much more than tax policies.”

Lawrence Klein (1920–2013) American economist

"Keynsianism Again: Interview with Lawrence Klein", Challenge (May-June 2001)

“The acid test of monetary policy is its record in reducing inflation. Those who wish to join the debate about the intricacies of different measures of money and the implications they may have for the future are welcome to do so. But at the end of the day the position is clear and unambiguous. The inflation rate is judge and jury.”

Nigel Lawson (1932) British Conservative politician and journalist

Mansion House Speech (17 October 1985), quoted in The View from No. 11: Memoirs of a Tory Radical (London: Bantam, 1992), pp. 480-481.

“The well-being of the British people and the health of our economy are far more important than any government's commitment to a particular strategy, but to change course now would be fatal to the whole counter-inflation strategy.”

Geoffrey Howe (1926–2015) British Conservative politician

"Chancellor determined not to change course in the fight against inflation", The Times, 11 March 1981, p. 6.
1981 budget speech.

“And since any inflation, however modest at first, can help employment only so long as it accelerates, adopted as a means of reducing unemployment, it will do so for any length of time only while it accelerates. "Mild" steady inflation cannot help—it can lead only to outright inflation. That inflation at a constant rate soon ceases to have any stimulating effect, and in the end merely leaves us with a backlog of delayed adaptations, is the conclusive argument against the "mild" inflation represented as beneficial even in standard economics textbooks.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1980s Unemployment and the Unions: Essays on the Impotent Price Structure of Britain and Monopoly in the Labour Market https://books.google.com/books?id=zZu3AAAAIAAJ&q=%22only+while+it+accelerates%22&dq=%22only+while+it+accelerates%22&hl=en&sa=X&ei=HBhsUYjUGMv34QSW-YDgDg&redir_esc=y (1984)
1980s and later

“At the end of every television broadcast, the names of the people who worked on it are listed. Why, you may ask yourself sometimes, would so many people want to take credit for such a bad show? Well, its just like what's happened to the dollar. Credits in television suffer from inflation. There are more of them and they arent worth what they used to be, even on a good show.”

Andy Rooney (1919–2011) writer, humorist, television personality

[Andy Rooney, w:Andy Rooney, 6, Credits, Years of Minutes, 2003, PublicAffairs, 978-1586482114]

“I don’t believe we’re in for a crash now. It's much more likely that government will just conceal the continuation of inflation by price controls. But if anything is worse than an open inflation, it’s a repressed inflation. What you’re likely to get is not a violent deflation but increasing stagnation of productivity.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1980s and later, Interview in Silver & Gold Report (1980)

“Inflation may be defined as any increase in the economy's supply of money not consisting of an increase in the stock of the money metal.”

Murray N. Rothbard book What Has Government Done to Our Money?

What Has Government Done to Our Money? (1980)

Help us to complete the source, original and additional information

Friedrich Hayek 79

Related quotes

Related topics