ABSTRACT
Effects of inflation on war industries are the injurious effects of inflation, it has some beneficial effects. The cutting down of pensions, incomes from interest, and the like, even though they have painful results in individual cases, result as a whole in forcing older persons, retired persons, and others with fixed incomes to supplement them by performing some remunerative work. Deflation takes property from the hands of those who are justly entitled to it and transfers it to those who are not justly entitled to it. When serious deflation occurs, the party in power is usually voted out or revolution comes. Many of the bad effects of deflation are overcome, but some of them, such as the lack of apprenticeship training and a distorted point of view, last for a long time. For many individuals, the loss of education or property resulting from deflation is a lifetime calamity.
