“It should be obvious that real buying power is wiped out to the same extent as productive power is wiped out. We should not let ourselves be deceived or confused on this point by the effects of monetary inflation in raising prices or ‘national income’ in monetary terms.”

in Economics, Henry Hazlitt, Writers

-Henry HazlittEconomics in One Lesson. Westport, CT: Arlington House Publishers, 1979, p. 29.

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