Cantillon effect
Glossary · The macro framework Macro
The unequal distribution of newly created money. Those closest to the source (banks, governments, asset holders) benefit first; those farthest from it (wage earners, savers) lose purchasing power. Named after Richard Cantillon, the 18th-century economist who first described it.
The Fundamentalist case for Bitcoin in one term. Fiat creates Cantillon winners and losers; Bitcoin’s fixed issuance schedule doesn’t.