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1、CanWeStillAvoidInflation?FriedrichA.HayekInonesensethequestionaskedinthetitleofthislectureispurelyrhetorical.Ihopenoneofyouhassuspectedmeofdoubtingevenforamomentthattechnicallythereisnoprobleminstoppinginflation.Ifthemonetaryauthoritiesreallywanttoandareprepa
2、redtoaccepttheconsequences,theycanalwaysdosopracticallyovernight.Theyfullycontrolthebaseofthepyramidofcredit,andacredibleannouncementthattheywillnotincreasethequantityofbanknotesincirculationandbankdeposits,and,ifnecessary,evendecreasethem,willdothetrick.Abou
3、tthisthereisnodoubtamongeconomists.WhatIamconcernedaboutisnotthetechnicalbutthepoliticalpossibilities.Here,indeed,wefaceatasksodifficultthatmoreandmorepeople,includinghighlycompetentpeople,haveresignedthemselvestotheinevitabilityofindefinitelycontinuedinflati
4、on.Iknowinfactofnoseriousattempttoshowhowwecanovercometheseobstacleswhichlienotinthemonetarybutinthepoliticalfield.AndIcannotmyselfclaimtohaveapatentmedicinewhichIamsureisapplicableandeffectiveintheprevailingconditions.ButIdonotregarditasataskbeyondthescopeof
5、humaningenuityoncetheurgencyoftheproblemisgenerallyunderstood.Mymainaimtonightistobringoutclearlywhywemuststopinflationifwearetopreserveaviablesocietyoffreemen.Oncethisurgentnecessityisfullyunderstood,Ihopepeoplewillalsogatherthecouragetograspthehotironswhich
6、mustbetackledifthepoliticalobstaclesaretoberemovedandwearetohaveachanceofrestoringafunctioningmarketeconomy.Intheelementarytextbookaccounts,andprobablyalsointhepublicmindgenerally,onlyoneharmfuleffectofinflationisseriouslyconsidered,thatontherelationsbetweend
7、ebtorsandcreditors.Ofcourse,anunforeseendepreciationofthevalueofmoneyharmscreditorsandbenefitsdebtors.Thisisimportantbutbynomeansthemostimportanteffectofinflation.Andsinceitisthecreditorswhoareharmedandthedebtorswhobenefit,mostpeopledonotparticularlymind,atle
8、astuntiltheyrealizethatinmodernsocietythemostimportantandnumerousclassofcreditorsarethewageandsalaryearnersandthesmallsavers,andtherepresentativegroupsofdebtorswhoprofitinthefirstinstance
