All Commentary
Wednesday, July 29, 2009

Inflation is Theft


This collection of essays by some of the leading free market thinkers explores some of the unseen effects of inflation. Among the authors whose writings are sampled here are Ludwig Von Mises, Robert Higgs, Clarence B. Carson, Henry Hazlitt, and Hans Sennholz. The compilation is particularly suitable for students or the economically inclined general reader. What is most remarkable about the essays is both how many common themes they touch upon and how the controversial issues they discuss continue to be at the heart of debates among classical liberal monetary theorists today. Inflation is Theft is a nice place to start to get a handle on the basics of why inflation occurs and what problems it causes. As budget deficits persist, as politicians of all stripes continue to try to please voters by promising them the moon, and as the current administration appears to want to make the U.S. the world’s policeman, the temptation to resort to inflationary finance is ever-present. To avoid falling for its siren-like charm, we need to understand the nature of the beast.