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Essays in Monetary Economics (Collected Works of Harry Johnson) by Harry G. Johnson

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CHAPTER IX

IS INFLATION THE INEVITABLE PRICE OF RAPID DEVELOPMENT OR A RETARDING FACTOR IN ECONOMIC GROWTH?*

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The question posed in the title of this essay is an apparently simple one, demanding a choice between two widely-held views of inflation. This apparent simplicity, however, is deceptive, and the necessity of choice invalid; for the question exploits the fact that both the word ‘inflation’ and the word ‘development’ (or ‘growth’) have multiple meanings in current discussion. In particular, both may be used to refer either to economic facts or to economic policies; and indeed the first half of the question uses the word ‘inflation’ to refer ...

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