“A third group of inflationists do not deny that inflation involves serious disadvantages. Nevertheless, they think that there are higher and more important aims of economic policy than a sound monetary system. They hold that although inflation may be a great evil, yet it is not the greatest evil, and that the State might under certain circumstances find itself in a position where it would do well to oppose greater evils with the lesser evil of inflation.”

Austrian and American political economist and philosopher

Ludwig Heinrich von Mises was an Austrian and American political economist and philosopher of the Austrian school. He is known for his work on classical liberalism and the place of consumers in a market economy. He wrote and lectured widely on the social value of classical liberalism, and on praxeology, the study most closely associated with his work. He is also known for comparing communism and capitalism, and for defending liberal ideas against the spread of illiberalism and authoritarianism in 20th-century Europe.