The Impact of Inflationary Institutions and Habits on Family Life
摘要
A select few economists have identified the social malady which we believe has contributed mightily to profound family change and given it the moniker: the inflation culture. As a result of positive, persistent inflationary monetary policy that has characterized much of the modern world’s central banking interventions, specific institutions and habits have emerged. Each of them have a significant impact on how households are formed, expanded, or dissolved. Inflation cultures are characterized by widespread and deepening indebtedness, rising wealth inequality, and incentives for ever higher financial risk, fragility, and moral hazard as the economy becomes more and more financialized. These features combine to make traditional household life more sustainable for those who benefit from these institutions, and less so for those who don’t.