Good points. I think the point he was trying to make (or the one I recall, at least) was that higher inflation tends to result in more volatile price moments wh

Good points. I think the point he was trying to make (or the one I recall, at least) was that higher inflation tends to result in more volatile price moments which damages economies more severely than that of cost increases outpacing earning power. I do agree with you though, wages being generally sticky would make any moderate inflation, even predictable, a considerable negative on the economic fortunes of most individuals.