[jmherbener]

Yes, to state the principle in general: those whose buying prices rise more than their selling prices over the period of inflation lose and those whose buying prices rise less than their selling prices over a period of inflation gain.

Rothbard is simplifying the calculation by assuming the money balances of the recipients remains the same during the period in which the late buyers are waiting to spend their new money. In fact, the money balances of people would begin to change as soon as the new money is spent and that would affect who winds up being a winner or losers in the process of inflation.

Remember that Rothbard’s point is not to trace out the complete effects of inflation, but merely to show that even a proportional and instantaneous increase in everyone’s money balances would not leave the pattern of real income the same in the market after the new money is spent.