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To: Bill Ulrich who wrote (1152)	8/21/1997 2:22:00 AM
From: Gottfried	of 1894

MrB, IBD had an article in the Wednesday issue on page B1 titled 'UPS and inflation'. Some excerpts... >But high prices do not cause inflation. In fact it's the other way around. Inflation causes high prices. In Nobel-winning economist Milton Friedman's phrase "Inflation is, has been and always will be a monetary phenomenon". When a central bank creates money at a faster pace than the economy is growing, that's inflation.< I was genuinely puzzled by the various explanations for the cause of inflation I've seen. But Friedman's makes sense to me. If the money supply stays constant, then to pay more for a single good or service, I have to spend less on something else. The only way I can pay more for everything (on average) is to have more money. And for everyone to be able to have (and spend) more money, more money has to be put in circulation by printing it. The article says that misconceptions about the cause of inflation are common even from 'experts'. I wonder what Greenspan's definition (the only one that really counts) would be. GM

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