If you're wondering how the heck a hardline libertarian just won the Argentinian presidential election, here's some background. First, a key fact is that the government is printing money at an accelerating rate, resulting in 143% annual inflation as of the most recent count. The economy is deteriorating rapidly, the poverty rate has spiked to more than 40%, and the daily indignities of Argentina's topsy turvy monetary policy are mounting. If ...

Inflation hits some parts of the economy harder and faster than others. It's obvious once you say it, and yet the way pundits and academics talk about inflation glosses over this reality. As a result, most people who haven't had direct experience with high inflation have a flawed view of how it affects daily life. Popular use of the term "inflation" makes it sound like the inflation rate is a single indisputable number that you can plug into ...