We have seen that government expansion of the money supply rearranges resources in society and interferes with the market’s natural tendency to serve consumers according to their own priorities. Thus inflation would be objectionable even if it did not cause malinvestment and seed the ground for a subsequent depression, that is, even if it did not spawn the trade cycle.
It is incumbent on the inflationists–specifically, the incoming government officials–to explain why income distribution is a proper function of government.
Foundation for Economic Education » Inflation as Income Distribution
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