The Abc of Inflation

By Edwin Walter Kemmerer
HERE is a book that lives up to its name. The author, a Princeton professor and an internationally known authority on finance, explains how inflation is brought about, briefly summarizes the experiences of the United States and of other countries in dealing with the runaway price problem that always arises when war inevitably expands demand and reduces supply, and reviews the situation in this country up to last August, Persons of conservative economic views will find Professor Kemmerer a realist.
He warns us solemnly that there will be serious inflation during and still more after the war unless the government shows more political courage “in such vital matters as the taxation of the people in the lower income brackets, government borrowing from the banks, uneconomical expenditures of public money for non-war purposes, the silver racket, the control of wages, and the control of the prices of farm products.” The most recent developments suggest that Professor Kemmerer is a true prophet. W. H. C.