“Inflation is unjust and Deflation is inexpedient. Of the two perhaps Deflation is, if we rule out exaggerated inflations such as that of Germany, the worse; because it is worse, in an impoverished world, to provoke unemployment than to disappoint the rentier. But it is not necessary that we should weigh one evil against the other. It is easier to agree that both are evils to be shunned.”

— John Maynard Keynes , book Essays in Persuasion

Essays in Persuasion (1931), Social Consequences of Changes in The Value of Money (1923)

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John Maynard Keynes 122

British economist 1883–1946

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John Maynard Keynes 122

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