Although an inflationary increase in the money supply typically leads to rising prices, this relationship cannot be specified in a precise arithmetical manner, since supply and demand are determined by the subjective valuations of money relative to other goods on individual value scales, and since those value scales consist of orderings not subject to the same kinds of calculations as cardinal numbers (p. 4.4:20). In any case, the new money originates at a specific point in the economic structure—namely, where the new money is lent to borrowers by the central bank—and does not arrive at all sectors of the economy simultaneously or affect all participants or all prices equally. The impact of the inflationary policy is thus highly discriminatory, bringing short-term monetary profits to some while impoverishing others, such as retired pensioners and others living on fixed incomes. Debtors receive a seeming benefit, since they can repay their debts in depreciated dollars; creditors suffer, at least until they become aware of the inflation's effects and begin to include an "inflation premium" in their credit agreements.