• Inflation, especially a slow steady rise in prices, encourages producers, because it means that they can commit themselves to costs of production on one price level and then, later, offer the finished product for sale at a somewhat higher price level. This situation encourages production because it gives confidence of an almost certain profit margin.

    Carroll Quigley (1966). “Tragedy and Hope: A History of the World in Our Time”, New York : Macmillan [c1966]