Age of Inflation was written by Hans F. Sennholz. The book displays Hans life’s work devoted to monetary and financial economics.
Sennholz explores the various aspects of inflation from its causes and effects to the future environment that it would form. Through this exploration, he highlights the fact that many economists at the time ignored the Federal Reserve which pushed inflationary polcies that fed the business cycle and evaporated purchasing power.
He details a comprehensive history of the 1914-1923 German inflation which led to a collapse of normal life, culture and the society. Shockingly, the German monetary authorities were extremely ignorant regarding the imminent collapse.
"There is no government wealth and income other than that taken from individuals. What government distributes to its beneficiaries it must first seize from its victims. The transfer or welfare society, with its millions of beneficiaries, is also a victim society that is torn by internal conflict."
With impeccable attention to detail, Sennholz writes to present important facts and pose the question whether we have learnt from the American and German experiences when it comes to inflation. Clear and concise with excellent parallels to the modern day, ‘Age of Inflation’ is highly recommended for all economists and historians.