Sunday, July 27, 2008

Free to Choose 1980 - Volume 9: How to Cure Inflation

Topic: Why Politicians Favor Inflation and How to Prevent It

Inflation results when the amount of money printed or coined increases faster than the creation of new goods and services. Money is a "token" of the wealth of a nation. If more tokens are created than new wealth, it takes more tokens to buy the same goods. Friedman explains why politicians like inflation, and why wage and price controls are not solutions to the problem. Friedman visits Japan, U.S. and Britain.

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