Why is unexpected inflation a societal problem?
Unexpected inflation is detrimental to many people and businesses. For example, loaners are greatly effected because they lend out money and assign a given interest but if inflation increases unexpectedly then they lose money because they are unable to alter the interest. Another example that Wheelan uses is in jail, this relates to scarcity and how one can of mackerel gets you a haircut but if the guard gives out free cans of mackerel then a hair cut will cost much more. Unexpected inflation is a societal problem because interest is not altered accordingly.
