Tagged: hyperinflation

Friedrich Hayek by Rodrigo Moynihan, National Portrait Gallery, London

Friedrich August Von Hayek

Friedrich August Von Hayek (pronounced HI-YACK) was born in Vienna in 1899 to an academic family. His grandfather was a companion of Eugen Böhm von Bawerk, one of the pioneers of the Austrian School of Economics. When Hayek was growing up, reading was one of his main hobbies.   Then,...

Photo: Three Lions / Getty Images

Inflation: when the money dies

Consider country X as a fictional country. The economy of this country has all the characteristics of a normal economy: Markets trade goods, individuals take part in financial affairs and institutions regulate the process of business in different sectors. Two decades ago in this country people used to buy chocolate...