<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0cbff61e-1269-4eb7-866b-4adb3d896f2c/F23EB947-B627-4E6A-BFA2-10F1F80A9C45/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.cafehayek.com/hayek/2009/03/alchianian-wisdom.html" href="http://www.cafehayek.com/hayek/2009/03/alchianian-wisdom.html" style="font-size: 11px;">www.cafehayek.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cafehayek.com/hayek/2009/03/alchianian-wisdom.html"><P>The two greatest living economists yet to receive the Nobel Prize are <A href="http://www.econlib.org/library/Enc/bios/Alchian.html">Armen Alchian</A> and <A href="http://www.gordontullock.com/">Gordon Tullock</A>.  This post is about Alchian.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cafehayek.com/hayek/2009/03/alchianian-wisdom.html"><P>Here, for example, is the opening of an article that Alchian wrote in 1976 ("Problems of Rising Prices"):</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cafehayek.com/hayek/2009/03/alchianian-wisdom.html"><DIV>I believe inflation is inevitable as a long-run trend, with transient, decade-long interruptions of stable or falling prices.  That forecast reflects my view of government.  Inflation is a tax on money.  Like any tax, it will be used.  The more subtle, the less detected, and the less avoidable the tax, the better it is for those with predominant political power and the more surely it will be used.  I join Keynes in at least part of the following: "progressive deterioration in the value of money through history is not an accident, and has had behind it two great driving forces -- the impecuniousity of governments and the superior political influence of the debtor class."<BR /></DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cafehayek.com/hayek/2009/03/alchianian-wisdom.html"><A href="http://www.libertyfund.org/details.asp?displayID=1997">Liberty Fund has gathered many of his best articles into a two-volume collection</A>,</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/F23EB947-B627-4E6A-BFA2-10F1F80A9C45/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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