Critique of a critique. A response to Mihály András Kovács's article
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The author examines and takes issue with the arguments and contentions found in Mihály András Kovács's polemic. For it does not follow from the article Kovács criticizes that its author opposes the independence of the bank of issue. He did not state that economic growth might have been faster because of faster inflation or that the rate of inflation per se would fall without budgetary and monetary restriction. He shows that the costs of the inflationary target are significant under the conditions of an expansive income and budgetary policy and consequent political strife. He emphasizes the way that the real revaluation of currencies may initiate processes with radically different effects in different countries, and so that the same degree of revaluation may have very different effects on each.
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