“Inflation—The First 2,000 Years” was the title of the lecture given by Prof. Dr. Hanno Beck, which he presented in mid-June at the opening of the 3rd MSB Party on campus. In his extremely vivid presentation, the economist took the guests on a fascinating journey through the history of money’s development as a medium of exchange. Money was first introduced as a medium of exchange as early as 2700 B.C. The first instance of inflation occurred during the reign of the Soldier Emperors between the years 235 and 284. At that time, inflation was still limited to a manageable level, as money consisted of copper, gold, and silver coins, and the production of these forms of payment was a challenge. But with the introduction of paper money, everything changed, because banknotes could be printed much more quickly and cheaply. The more money that was printed, the less it was ultimately worth. “The mother of all hyperinflations was the Weimar Republic,” the professor explained, adding, “Germany has still not recovered from it to this day.” As a result, fear of inflation is still pervasive among the population. What most people don’t realize, however, is that many things today are actually more affordable than they think when you consider the time spent working.
Although the economics professor didn’t have any specific tips on how and where to best invest one’s money to build wealth quickly, he did offer some unconventional advice on how to generate returns. “Education yields a return,” the guest speaker emphasized. After all, education is a wonderful thing and makes a person more successful. That’s why everyone should invest in education, because its return on investment is unbeatable. Furthermore, it’s worth investing in experiences and charity, as they enrich life and simply make people happy.
Following the engaging lecture, the 3rd MSB Party—Summer Edition—took place. Over refreshing drinks and delicious finger food, the approximately 50 members of the Department of Economics had the opportunity to discuss the lecture and other topics and exchange ideas.
A few facts about the guest speaker: Prof. Dr. Hanno Beck is a professor of economics specializing in economic policy at Pforzheim University. In addition to his teaching and research activities, he writes popular science books as well as articles for publications such as the *Frankfurter Allgemeine Zeitung* and the *Frankfurter Allgemeine Sonntagszeitung*.
