"New money enters the economy unevenly, asset owners, institutions, and statutorily privileged actors like Federal Reserve member banks receive it first; wage earners receive it last, after prices have already adjusted."
Cantillon Queue Position
New money enters the economy unevenly -- asset owners, institutions, and statutorily privileged actors like Federal Reserve member banks receive it first; wage earners receive it last, after prices have already adjusted.
Where This Idea Comes From
Drawn from "There Is No Alternative But Inflation," which traces the mechanism to Richard Cantillon's 300-year-old observation and grounds it in a real-time example: COVID stimulus checks landing broadly and fast, followed immediately by nominal price spikes in used cars, appliances, and lumber.