125 years ago, on March 14th 1883, Karl Marx died. Marx was a revolutionary above all else. His most celebrated scientific discovery explains how the working class is exploited under capitalism. Where does profit come from? This is the central mystery of economics, a mystery that was solved by Marx in his most famous work, Capital.
The nineteenth century was an era of price stability. It was also the age of the gold standard. Inflation can have many triggers, but it always involves an increase in money emissions at some point in order to give expression to higher prices. It is difficult to increase the money supply quickly if you have to mine precious metals, so runaway inflation just didn’t happen back then. The government can’t really control inflation. Now it’s back!