By “inflation is like taxation without legislation” Morgan Friedman meant like inflation gets new money into economy and raises revenue, does not mean that it is a part of the legislation.
<u>Explanation:</u>
Inflation means rise in the prices of the goods and services of the economy at a continuous rate. With the increase in the prices, the revenue of the government also increases and new money also comes in to the economy, just like tax is a source of revenue for the government. But this does not mean that inflation is a part of the legislation or a part of the law, like the taxes are a part of the legislation.
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In what is sometimes referred to as the "Revolution of 1800", Vice President Thomas Jefferson of the Democratic-Republican Party defeated incumbent President John Adams of the Federalist Party. The election was a realigning election that ushered in a generation of Democratic-Republican rule.
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