"Richard Cantillon formulated a theory now known as the Cantillon Effect. The theory is valid when applied to monopoly monies, but has no relevance to market money – a fact that seems to have escaped economists since Cantillon. The basis of the distortions explained by Cantillon is seigniorage, not money production. Market production of money, just as market production of all things, is not only neutral in real effects but also price neutral."

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Inflation Principle

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