ABSTRACT
A perusal of prices in virtually every country of the world today ( 197 5) will show that conditions of inflation are more or less universal. No state seems to have escaped. It is easy to conclude, therefore, that in the open world of the West, inflation is an epidemic, like influenza, that one catches (usually it is thought from foreigners!) and against which there is no effective vaccine and only the most painful cure. The temptation is to leap into one's feather bed, pull the blankets over one's head, and hope the thing will go away.
