Editorial May 15, 1978 Issue

A hedge against inflation

Nathan A. Talbot

You and I may not understand all of the intricate factors that contribute to inflation or the economic policies used to combat it. What we do understand is that when we go to the store, our dollar or yen or pound doesn't buy as much for us as it did a few years ago—or even a few months ago.

Is there an effective defense—a hedge—against this chronic economic ill? It may be some time before society as a whole is willing to take the necessary steps to control inflation, but there is something we can individually do. We can develop a quality that will give us a measure of protection against inflation. That quality is modesty.

To the millions of people striving for increased income, willing to pay whatever the increased cost of goods might be— always emphasizing more—"modesty" may seem like a strange term. Even irrelevant. But might not our views of what a materialistic existence has to offer be inflated? Might we be exaggerating our worth and ability as mortals? Wouldn't a more moderate estimate of material values and activities provide a more balanced perspective? It may well be that we need to deflate the worth too often accorded the material aspects of our lives.

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