As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.
Adam SmithRead
Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today.
Interpretation
What this quote means
The perception of inflation has changed significantly over time, with greater awareness of its impacts.
Martin Feldstein's quote emphasizes the evolution of economic thought regarding inflation. Previously considered a minor issue, inflation is now recognized as a serious economic concern, illustrating how the understanding and prioritization of economic factors can shift dramatically in response to real-world consequences.
Themes
InflationEconomicsCostUnderstandingChange
In practice
Example use cases
During a financial seminar discussing current economic policies.
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