“The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense. And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation. That is not price stability, yet they call it price stability. I just do not understand central banks wanting a little inflation.”
Quote by Paul Volcker
Author
Paul Volcker
Paul Volcker, born on September 5, 1927, is an accomplished economist from the United States. He is renowned for his significant contributions to the field of financial policy. During his tenure as the Chairman of the Federal Reserve System in the 1970s, he successfully combated inflation, earning him the title of one of the most influential central bankers in American history. more
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Source: Human action: a treatise on economics
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