• Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.

    Milton Friedman: Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.
    Milton Friedman (1994). “Money Mischief: Episodes in Monetary History”, p.63, Houghton Mifflin Harcourt