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Argentina Monthly Inflation Slowed More Than Expected in March (www.bloomberg.com)

submitted 8 months ago by Shardikprime to c/world

11 comments fedilink hide all child comments

Argentina keeps dropping the inflation numbers, good news for the country!

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[–] cyd 6 points 8 months ago* (last edited 8 months ago)

In a normal economy, balancing growth versus inflation is certainly an important issue. But when an economy is undergoing hyperinflation, getting that under control has to be priority number one.

Keynes, for example, wrote eloquently about this a century ago. Some of his passages apply quite eerily to the case of Argentina:

The preservation of a spurious value for the currency, by the force of law expressed in the regulation of prices, contains in itself, however, the seeds of final economic decay, and soon dries up the sources of ultimate supply. If a man is compelled to exchange the fruits of his labors for paper which, as experience soon teaches him, he cannot use to purchase what he requires at a price comparable to that which he has received for his own products, he will keep his produce for himself, dispose of it to his friends and neighbors as a favor, or relax his efforts in producing it...

The effect on foreign trade of price-regulation and profiteer-hunting as cures for inflation is even worse. Whatever may be the case at home, the currency must soon reach its real level abroad, with the result that prices inside and outside the country lose their normal adjustment. The price of imported commodities, when converted at the current rate of exchange, is far in excess of the local price, so that many essential goods will not be imported at all by private agency, and must be provided by the government, which, in re-selling the goods below cost price, plunges thereby a little further into insolvency.