Inflation

Abstract

The man in the street still has the freedom to decide when to spend and when to save, when to squander and when to hoard, and no one — not even the economists with their countless theories — can say for certain what decision the man in the street will take. If people in Britain get the spending urge, the country goes into a boom period; if people decide to hang on to their money, the country goes into a slump. Boom, slump, boom, slump, the rhythm has gone on through the centuries and, until recently, no one has thought that much could be done about it.