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A tA GREAT deal of public rhetoric has recently been advanced regarding our present problem of inflation. In fact, as the various price indices moved progressively higher, inflation was elevated to the posilion of “Public Enemy No. 1”. As we crossed the bridge from singleto double-digit inflation, public discussion of inflation intensified. Concern has been expressed that that bridge might very well he burned behind us unless steps~ are taken immediately to assure a return trip to price stability.

A Primer on Inflation: Its Conception, Its Costs, Its Consequences