Why is unexpected inflation a societal problem?
Inflation negatively affects society on a number of ways. First of all, inflation hurts those who lend (the lenders) but benefits the individuals who borrow. For example, look at inflation in the context of banks (obviously banks are the lenders and the individuals who receive money from the banks are the borrowers). The problem is - let's say the bank made a deal with someone to give them $25,000 right now, and that individual had to pay the money back in a couple of years would not actually match $25000 due to the fact of inflation.
Inflation also has to do directly with purchasing power. For example, right now - you may be able to buy two loaves of bread with $5 but tomorrow, if inflation rises - you may only be able to buy one loaf of bread. Therefore, the money that people have spent so long to save is no longer worth what it used to be and individuals do everything in their power to dispose of money. When inflation is super high, people literally use money instead of firewood as it is a better use of their resources.
You definitely show a solid understanding of the effects of inflation. You could have addressed in a more complete way why it is a societal problem but this is a good effort.
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