“There is a big logical jump between acknowledging the destructive nature of hyperinflation and arguing that the lower the rate of inflation, the better.”

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

Source: Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008), Ch. 7, There is inflation and there is inflation, p. 150

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Ha-Joon Chang 44

Economist 1963

Robert Lucas Jr. (1937) American economist

"After Keynesian macroeconomics" 1978

“In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.”

Paul Ormerod book The Death of Economics

Part II, Chapter 6, Unemployment and Inflation, p. 130
The Death of Economics (1994)

“[Under the Affordable Care Act] everybody will have lower rates, better quality care, and better access.”

Nancy Pelosi (1940) American politician, first female Speaker of the House of Representatives, born 1940

NBC-TV Meet the Press (July 1, 2012) https://www.youtube.com/watch?v=QqONZAN_Us0
2010s

“Hyperinflation is not going to happen in this country, will never happen… The Fed putting so much money into the system is not going to create the risk of hyperinflation in the future. We have a strong independent Federal Reserve with a very strong mandate from the Congress, and they will do what's necessary to keep inflation low and stable over time.”

Timothy Geithner (1961) American central banker and politician

This Week with George Stephanopoulos, March 29, 2009 http://abcnews.go.com/ThisWeek/Story?id=7200273&page=4

“An opinion can be argued with; a conviction is best shot. The logical end of a war of creeds is the final destruction of one, and Salammbo is the classical text-book instance.”

T. E. Lawrence (1888–1935) British archaeologist, military officer, and diplomat

The Evolution of A Revolt (1920)

“It is indeed true that the reduction of inflation came at a big price—that Volcker's tightening, for instance, succeeded in lowering inflation only in the wake of a severe recession. But this possibility was, first of all, one concerning which monetarists were perfectly aware: they understood the danger that, once inflation, and accelerating inflation especially, came to be anticipated by the public, putting the breaks on money growth would result in prices and wages continuing for some time to rise beyond their new, less-rapidly rising equilibrium values, with a consequent rise in unemployment.”

George Selgin (1957) economist

In Defense of Monetarism (2008)

“Central banks have moved to stimulate spending in the face of this attempt to increase savings by lowering interest rates. They lowered them to the zero lower bound without having much effect; the fall in desired savings was too large. We are in a Keynesian liquidity trap. Central banks have tried to stimulate spending by actively increasing the money supply, raising fears of inflation in many circles. But no inflation has resulted as the cash sits idle in corporate coffers. Even at zero interest rates, business firms are reluctant to spend!
What to do? Many pundits say we must simply endure what they call secular stagnation. This is an unhappy prediction. Much better is the Keynesian insight that this is the perfect time for fiscal policy. In the U. S. again, there are immediate needs to repair roads and bridges, rebuild the energy grid, and modernize other means of travel. Keynesian fiscal policy expansion will benefit the economy in both the short and long run.”

Peter Temin (1937) American economist

Why Keynes is Important Today (2014)

“There is no necessary connection between warfare and human nature. Human nature is potentially aggressive and destructive and potentially orderly and constructive.”

Margaret Mead (1901–1978) American anthropologist

Source: 1940s, And Keep Your Powder Dry: An Anthropologist Looks at America (1942), p. 134

“The natural tendency of the state is inflation.”

Murray N. Rothbard (1926–1995) American economist of the Austrian School, libertarian political theorist, and historian

The Case for a 100 Percent Gold Dollar (1974) http://mises.org/story/1829.

“Logically the Neo-Pagan should get rid of the institution of marriage altogether; but the very nature of human society, which is built up of cells each of which is a family, and the very nature of human generation, forbid such an extreme. Children must be brought up and acknowledged and sheltered, and the very nature of human affection, whereby there is the bond of affection between the parent and the child, and the child is not of one parent but of both, will compel the Neo-Pagan to modify what might be his logical conclusion of free love and support some simulacrum of the institution of marriage.”

Hilaire Belloc (1870–1953) writer

Source: Survivals and New Arrivals (1929), Ch. V New Arrivals

“There is a big logical jump between acknowledging the destructive nature of hyperinflation and arguing that the lower the rate of inflation, the better.”

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Ha-Joon Chang 44

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