Milton Friedman once said, "Inflation is the one form of taxation that can be imposed without legislation." What did he mean by this? That is, how does inflation act like a tax, and why is it significant, so much so that it can be imposed without legislation?

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The Answer of Milton Friedman once said, "Inflation is the one form of taxation that can be imposed without legislation." What did he mean by this? That is, how does inflation act like a tax, and why is it significant, so much so that it can be imposed without legislation?

Milton Friedman Once Said, "Inflation Is the One Form of Taxation