Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism.

Most of us have no sympathy with the rich idler who spends his life in pleasure without ever doing any work. But even he fulfills a function in the life of the social organism. He sets an example of luxury that awakens in the multitude a consciousness of new needs and gives industry the incentive to fulfill them.

It is merely a metaphor to call competition competitive war, or simply, war. The function of battle is destruction; of competition, construction.

The common man is the sovereign consumer whose buying or abstention from buying ultimately determines what should be produced and in what quantity and quality.

In spite of the anticapitalistic policies of all governments and of almost all political parties, the capitalist mode of production

The only source of the generation of additional capital goods is saving. If all the goods produced are consumed, no new capital comes into being.

The luxury of today is the necessity of tomorrow. Every advance first comes into being as the luxury of a few rich people, only to become, after a time, an indispensable necessity taken for granted by everyone. Luxury consumption provides industry with the stimulus to discover and introduce new, things. It is one of the dynamic factors in our economy. To it we owe the progressive innovations by which the standard of living of all strata of the population has been gradually raised.