3 Stages of Inflation by Mises colleague Henry Hazzlitt

“What we commonly find, in going through the histories of substantial or prolonged inflations in

various countries, is that, in the early stages, prices rise by less than the increase in the quantity

of money; that in the middle stages they may rise in rough proportion to the increase in the

quantity of money (after making due allowance for changes that may also occur in the supply

of goods); but that, when an inflation has been prolonged beyond a certain point, or has shown

signs of acceleration, prices rise by more than the increase in the quantity of money.” ~ Henry Hazlitt

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