Arnold Kling Thinks about Inflation

 From Arnold Kling's Blog: 

I think of inflation as causing the following problems: it rewards the most alert and aggressive economic actors, and it punishes people who are passive and habitual; it interacts with the tax system to reduce productive investment; and it makes planning for the future difficult, particularly when it comes to buying a home.

I also think that inflation hurts the middle class and the poor more than it hurts the rich, because inflation creates confusion, and rich people are better able to navigate through the confusion.