The starting point for any serious reflection on our subject is the fact that money production does not bring about uniform and simultaneous changes. An increasing money supply tends to entail a higher money price level, but the individual prices change at different points of time and each to a different extent (i.e., Cantillon effects).
As a consequence, money production creates winners and losers. The winners are those who can use the new money first, because at this point in time the money prices of the other goods are still relatively low. Due to these expenditures, prices and incomes gradually increase, and in this way the new money spreads through the economy. The losers of this process are those who only later — or last of all — enjoy a higher money income. This is because they are already having to pay the higher prices, created by the increased money expenditure of the early users of the new money, out of their previous lower income.