Philip Cagan (economist)

Philip Cagan was an influential economist best known for his research on hyperinflation, particularly his analysis of Weimar Germany's dollar devaluation in the early 1920s. His key work, "The Economics of Hyperinflation," provided a detailed understanding of how rapid price increases occur and their effects on the economy. Cagan developed models to measure hyperinflation's severity, helping policymakers recognize and respond to extreme inflationary episodes. His insights remain foundational in macroeconomics, especially in understanding monetary stability and the importance of controlling inflation to maintain economic health.