I regard the inflation acts as wrong in all ways. Personally I am one of the noble army of debtors, and can stand it if others can. But it is a wretched business.
About this quote
- What does it mean?
- Hayes condemns inflation acts as harmful overall. He accepts personal debt but criticizes the broader economic policy.
- In plain terms
- Inflation is bad for everyone, even if some debtors benefit.
- What can you take from it?
- Bad economic policies hurt society even if they help some individuals.
Where it applies
Putting it to work
Questions to consider
- When does personal benefit justify public policy?
- How do we weigh individual vs collective economic harm?
Another view
Some debtors might genuinely benefit from inflation despite overall harm.
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