Mere inflation-that is, the mere issuance of more money, with the consequence of higher wages and prices-may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not.

Henry Stuart Hazlitt (November 28 1894 – July 9 1993) was an American economist philosopher literary critic and journalist for such publications as The Wall Street Journal The Nation The American Mercury Newsweek and The New York Times and he has been recognized as a leading interpreter of economic issues from the perspective of American conservatism and libertarianism.