From Choice in Currency — surrounding passage

Professor of Economics and Head of Department, University of Southampton, 1962-72 Director of Research, Econometric Model Building Unit, University of Southampton, 1973-75 Author of A Model of Output, Employment, Wages and Prices in the UK (1976) IF I HAD the temerity, which

“I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.”

No doubt the Treasury would object - on balance of payments and currency control grounds, for, unlike what I understand to be the legality of sterling payments merely indexed to a foreign currency, this would end exchange control. No doubt some politicians and some trade union leaders would object. But voters and wage-earners would not necessarily agree with their nominal spokesmen. They long for a stable medium of exchange and store of value.