Deflation and LibertyDeflation is not inherently bad. It creates winners and losers. It also puts a temporary break on the concentration of power in the hands of government and in particular the executive branch. In short, inflation is potentially a great liberating force. |
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Auburn Austrian Economics bank run base money boom central banks century chap classical economists coins commodity money debt DEFLATION AND LIBERTY Depression ducer entails entrepreneurs ernments essay Federal Reserve fiat money financial markets firms fractional-reserve banking fraudulent Frédéric Bastiat free society gold standard growth Hans Sennholz idem increase industry inflation inflationary Irving Fisher Jean-Baptiste Say JÖRG GUIDO HÜLSMANN Journal of Austrian labor unions legal tender laws Ludwig von Mises market participants Mises and Rothbard Mises Institute monetary authorities monetary policy monetary thought Money and Credit money prices money substitutes money supply money system money titles monies monopoly nation paper money particular pay back political present price level printing press problem of sticky production of money quantity of money redistribution reduce Robert Higgs Rothbard championed scenario sell Sennholz short run short-run benefits sound money supply of base Theory of Money tion tional-reserve banking unemployment wages wealth