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Inflation, especially a slow steady rise in prices, encourages producers, because it means that they can commit themselves to costs of production on one price level and then, later, offer the finished product for sale at a somewhat higher price level. this situation encourages production because it gives confidence of an almost certain profit margin.

-Carroll Quigley

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Inflation, Especially A Slow Steady Rise In

Carroll Quigley

Inflation, especially a slow steady rise in prices, encourages producers, because it means that they can commit themselves to costs of production on one price level and then, later, offer the finished product for sale at a somewhat higher price level. this situation encourages production because it gives confidence of an almost certain profit margin.

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Mean Giving Cost

More From Carroll Quigley

One sister for sale, one sister for sale, one crying and spying young sister for sale i'm really not kidding so who'll start the bidding do i hear a dollar? a nickle? a penny? oh isnt there isnt there isnt there any one person who will buy this sister for sale this crying spying old young sister for sale.

No politician can praise unemployment or inflation, and there is no way of combining high employment with stable prices that does not involve some control of income and prices. otherwise the struggle for more consumption and more income to sustain it-a struggle that modern corporations, modern unions and modern democracy all facilitate and encourage-will drive up prices. only heavy unemployment will then temper this upward thrust. not many wish to confront the truth that the modern economy gives a choice only between inflation, unemployment, or controls.

We believe that part of the answer lies in pricing energy on the basis of its full costs to society. one reason we use energy so lavishly today is that the price of energy does not include all of the social costs of producing it. the costs incurred in protecting the environment and the health and safety of workers, for example, are part of the real costs of producing energy-but they are not now all included in the price of the product.

What people today call inflation is not inflation, i.e., the increase in the quantity of money and money substitutes, but the general rise in commodity prices and wage rates which is the inevitable consequence of inflation.

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. we can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. but how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in japan over the past decade?

By a 2-1 margin, voters believe that donald trump would change business as usual in washington, but by almost as large a margin, they believe that hillary clinton would be better in a crisis and less of a decisive margin she cares about people like them.

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