The Public Interest

The intelligent citizen’s guide to inflation

Robert M. Solow

Winter 1975

Two broadly opposite frames of mind seem to dominate the current discussion of inflation. One says that we are beset by some utterly mysterious plague of unknown origin. If it is not stopped soon, it will cause unimaginable, or at least unspecified, disasters. The only hope is that some Pasteur or Jenner or Ehrlich will discover The Cure. The other view is that it is all quite simple. There is some one thing we have failed to do: control the money supply or balance the budget or legislate price controls or abolish the unions. As soon as we do it, the problem will then go away.

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