GREENSPAN ON INFLATION

I'm currently reading Alan Greespan's memoir, The Age of Turbulence. Here is a quote on the effects of inflation:

"[I]nflation had everybody spooked. People cut back on spending because they worried about making ends meet. In businesses, inflation creates uncertainty and risk, which makes planning more difficult and discourages managers from hiring, or building factories, or indeed doing any kind of investing for growth. That's what happened in 1974 -- capital spending essentially froze, making the recession far more severe."

I'm posting this excerpt because I always felt economics textbooks did a crappy job of explaining why inflation is so detrimental. I found this to be a rather clear explanation.