The Money-go-round

Abstract

‘Let us unite to win the battle against inflation.’ This was the rallying call to arms that dominated so much of government economic policy in the 1980s. Inflation was the enemy, the cause of other economic problems, the threat that would undermine the values and stability of the economic system. But what is it about inflation that prompts such anger and attention, and has it really deserved this reputation as economic public enemy number one?