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Monetary inflation cannot raise the standards of living of people in society because it doesn’t increase resources. It does, however, redistribute income and thereby, change the pattern of the use of existing resources.
People who receive the new money sooner gain income and those who receive it later lose income. Moreover, the pattern of redistribution depends on which prices change sooner and which change later and which prices rise more and which prices rise less. Those who sell things whose prices rise sooner and to a greater extent and buy things whose prices rise later and to a lesser extent gain income and those who sell things whose prices rise later and to a lesser extent and buy things whose prices rise sooner and to a greater extent lose income. Finally, those who anticipate the changing array of prices more accurate gain income and those who anticipate it less accurately lose income.