Inflation distorts the structure of production. It leads to the overexpansion of some industries at the expense of others. This involves a misapplication and waste of capital.
Yet the ardor for inflation never dies. It would almost seem as if no country is capable of profiting from the experience of another and no generation of learning from the sufferings of its forebears.
For it is the nature of inflation to give birth to a thousand illusions. —Henry Hazlitt
For every dollar that the government spends on public works one less dollar was spent by the taxpayers to meet their own wants and for every public job created one private job was destroyed. —Henry Hazlitt
Printing money in place of real savings can create the illusion of more wealth. Just as the addition of water can create the illusion of more milk. —Henry Hazlitt
Printing money in place of real savings can create the illusion of more wealth. Just as the addition of water can create the illusion of more milk. —Henry Hazlitt
You cannot make a man worth a given amount by making it illegal for anyone to offer him anything less.
You merely deprive him of the right to earn the amount that his abilities and situation would permit him to earn, while you deprive the community even of the moderate services that he is capable of rendering. —Henry Hazlitt
