Wealth Isn’t Just Measured in Money — It’s Measured in Choices

“The Cantillon effects of monetary expansion explain how those closest to the money spigot are enriched at the expense of those who receive the new money last. The reason for this is because there is a time delay between the increase in prices and the increase in some people’s incomes, i.e., money is non-neutral. This was one of the key insights from Mises.


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