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Inflation and Welfare

In: Monetary Theory as a Basis for Monetary Policy

Author

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  • Robert E. Lucas

    (University of Chicago)

Abstract

In a monetary economy, it is in everyone’s private interest to try to get someone else to hold non-interest-bearing cash and reserves. But someone has to hold it all, so these efforts must simply cancel out. All of us spend several hours per year in this effort, and employ thousands of talented and highly-trained people to help us. These person-hours are simply thrown away, wasted on a task that should not have to be performed at all.

Suggested Citation

  • Robert E. Lucas, 2001. "Inflation and Welfare," International Economic Association Series, in: Axel Leijonhufvud (ed.), Monetary Theory as a Basis for Monetary Policy, chapter 4, pages 96-142, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-4039-3961-6_4
    DOI: 10.1007/978-1-4039-3961-6_4
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