As inflation continues to rise in various regions around the world, becoming a crisis, I am reminded of numerous economists who studied and, or, opined on inflation both in the 20th and 21st century.
These economists, from Milton Friedman to Friedrich Hayek, to Ludwig von Mises, and the living Thomas Sowell who will turn 92 on the 30th of next month, all advised us to blame government bureaucrats for inflations.
Von Mises once astutely said, “The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like a plague. Inflation is a policy.”
With all that has unfolded on inflation over the past months, von Mises’ remarks were precise. Sustained inflation is a consequence of reckless bureaucratic, political decision-making…..
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