Inflation: The Enemy Is Us

If everyone agrees that inflation is a grave problem, why is it so difficult to stop? One reason is that while people like to rail against rising prices, many also derive some handsome benefits from it. They have in effect become a constituency for inflation. Says M.I.T.'s Lester C. Thurow. a member of the TIME Board of Economists: "Suppose you told small businessmen that you could wave a magic wand and bring the inflation rate to zero. They would think about it for a minute and say no. They have made some fixed commitments...

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