The causes costs and compensations of inflation : an investigation of three problems in monetary theory This book explores the causes costs and benefits of inflation. It argues that while the cause of inflation is essentially monetary the costs and benefits of inflation lie in inflations distortion of the economys responses to real shocks A statement of problem The theory of the demand for money A theory of the supply of money The quantity theory of money Inflation without a quantity of money : the Wicksellian approach. Technological risk and the social function of real debt Monetary risk and the social function of money debt The quantity theory in a risky world Wicksellianism in a risky world The cost of inflation as moneylessness The cost of inflation as creditlessness A summarization of results.