Inflation is only theft if you insist on storing value in cash--a financial instrument that is not designed to hold value.
A major reason to manage for low, consistent inflation is to train people to put their money into real assets.
A major reason to manage for low, consistent inflation is to train people to put their money into real assets.
In the current market they rise at random rates across sectors. Currently we have people spending a lot of time figuring out how to pay for medical care and higher education because that's where the inflation has hit the hardest.
That's also because of the American Government's idiotic policies on those two "items", in my opinion.
[citation needed]
If we take the far-right Austrian definition of "free market" (meaning: a market in which the only functions of government are property and contract enforcement) then we have zero empirical evidence for much anything about free markets.
They've never existed.
Further, we don't even have solid evidence that hypothetical markets of that kind would be Pareto-optimal. They serve literally no function except that of ideology.