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Quotation of the Day…

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… is from page 699 of W.H. Hutt’s 1966 paper “Twelve Thoughts on Inflation [2]” (available without charge on-line here [3]) as it appears in Liberty Fund’s 1981 single-volume collection of New Individualist Review [2] (original emphasis):

As a teacher of business administration during the last thirty-eight years, the writer’s attention has been repeatedly forced back to this question of the spasmodic, yet persistent, depreciation of money. How can businessmen co-ordinate the private sector of the economy effectively when the most important measuring-rod of all – the monetary unit – has been left with no reliable, defined value? Units of length, volume, and weight have been universally defined with meticulous care; but dollars, lire, francs, and pounds have been allowed to change in every significant attribute over time.