Here are some of my reasons for disliking high inflation, which I think are similar to the reasons of most economists:
Inflation makes long-term agreements harder, since they become less useful unless indexed for inflation.
Inflation imposes costs on holding wealth in safe, liquid forms such as bank accounts, or dollar bills. That leads people to hold more wealth in inflation-proof forms such as real estate, and less in bank accounts, reducing their ability to handle emergencies.
Inflation creates a wide variety of transaction costs: stores need to change their prices displays more often, consumers need to observe prices more frequently, people use ATMs more frequently, etc.
Inflation transfers wealth from people who stay in one job for a long time, to people who frequently switch jobs.
When inflation is close to zero, these costs are offset by the effects of inflation on unemployment. Those employment effects are only important when wage increases are near zero, whereas the costs of inflation increase in proportion to the inflation rate.
Here are some of my reasons for disliking high inflation, which I think are similar to the reasons of most economists:
Inflation makes long-term agreements harder, since they become less useful unless indexed for inflation.
Inflation imposes costs on holding wealth in safe, liquid forms such as bank accounts, or dollar bills. That leads people to hold more wealth in inflation-proof forms such as real estate, and less in bank accounts, reducing their ability to handle emergencies.
Inflation creates a wide variety of transaction costs: stores need to change their prices displays more often, consumers need to observe prices more frequently, people use ATMs more frequently, etc.
Inflation transfers wealth from people who stay in one job for a long time, to people who frequently switch jobs.
When inflation is close to zero, these costs are offset by the effects of inflation on unemployment. Those employment effects are only important when wage increases are near zero, whereas the costs of inflation increase in proportion to the inflation rate.