The Importance of Inflation

One group of workers gets a decent pay increase. The other group of workers does not under those circumstances. Equally, if you're a large oligopolistic company, you might well be able to push through big price increases. So you end up with this incredible unevenness as a consequence of higher rates of inflation. And so for all those reasons, it becomes difficult. Then finally, back to the idea of savers and borrowers going back to the government being a beneficiary of inflation. There's no doubt in my mind that inflation creates winners and losers.

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