Milton Friedman: Inflation is just like Alcoholism

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Nailed it

Inflation is just like Alcoholism.

In both cases, good effects come first and bad effects only come later. In both cases, there is strong temptation to overdo it

When it comes to the cure, it’s the other way around. The bad effects come first and the good effects only come later. That’s why it is so hard to persist with the cure.

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Inflation is like inflammation.

And inflammation, I’ve heard, is the root of all disease.

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