Re: Printing Money

[Jim Devine <JNDF%LMUACAD.BITNET@xxxxxxxxxxxxxxxxx>]

On Sun, 26 Feb 1995 10:47:17 -0700 Paul Davidson said:
>No the social conflict invlves the breakdown of civilized social relationships-
>
>the printing of money under such circumstance is a result of the government
>attempt to prevent the conflict from destroying society.

This is Albert O. Hirschman's point in his essay on inflation in Chile
(in a book titled JOURNEYS TOWARD (or is it AWAY FROM?) PROGRESS, I
believe): Hyperinflation is a substitute for overt civil war.

sincerely,

Jim Devine
jndf@xxxxxxxxxxxxxx or jdevine@xxxxxxxxxxxxxxx
Econ. Dept., Loyola Marymount Univ., Los Angeles, CA 90045-2699 USA
310/338-2948 (daytime, during workweek); FAX: 310/338-1950
"Many workmen could not subsist for a week, few could
subsist a month, and scarce any a year without employ-
ment. In the long-run the workman may be as necessary
to his master as his master is to him, but the necessity
is not so immediate." -- Adam Smith