Milton Friedman: Inflation is just like Alcoholism
Discussion
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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