The end of law is not to abolish or restrain, but to preserve and enlarge freedom. For in all the states of created beings capable of law, where there is no law, there is no freedom.

John Locke

How To Cure Inflation

Free To Choose Part 9

Inflation results when the amount of money printed or coined increases faster than the creation of new goods and services. Money is a "token" of the wealth of a nation. If more tokens are created than new wealth, it takes more tokens to buy the same goods. Milton Friedman explains why politicians like inflation, and why wage and price controls are not solutions to the problem.

Author: Milton Friedman
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