#457 – Jennifer Burns: Milton Friedman, Ayn Rand, Economics, Capitalism, Freedom

7436.038 - 7463.783 Jennifer Burns

It starts breaking out in the 1970s, Britain and the United States. And every institution was designed around stable prices. And once inflation broke out, prices were no longer stable. So for example, tax rates weren't inflation adjusted. So if your income went up because of inflation, you might bump from a low tax rate to an extremely high tax rate, but you don't actually have more money.