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There’s no actual definition of ‘hyperinflation’ that I’m aware of in the macroeconomic literature, beyond it being a quantitatively large value of inflation. W
by qubex 6y ago
There’s no actual definition of ‘hyperinflation’ that I’m aware of in the macroeconomic literature, beyond it being a quantitatively large value of inflation. What you purport to be the discriminante (economic agents’ perceptions, presumably households’?) isn’t actually tenable either, since famously “you need two cretins to make a transaction” (a buyer and a seller, both of whom think they’re getting a good deal).
- alasdair_ 6y ago> There’s no actual definition of ‘hyperinflation’ that I’m aware of in the macroeconomic literature There are plenty of definitions, just none that are universally accepted. It’s similar to “recession”, which in the USA means two quarters of negative GDP growth but isn’t a universally agreed definition. Colloquially, in the USA, “hyperinflation” refers to Average price increases of over one hundred percent per year for a “basket of goods”.