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The traditional definition? What? "In economics, inflation (or less frequently, price inflation) is a general rise in the price level in an economy over a peri
by harryh 6y ago
The traditional definition? What?
"In economics, inflation (or less frequently, price inflation) is a general rise in the price level in an economy over a period of time."
https://en.wikipedia.org/wiki/Inflation https://en.wikipedia.org/wiki/Inflation
- hartator 6y agoWebster 1983 definition of inflation: “An increase in the amount of currency in circulation, resulting in a relatively sharp and sudden fall in its value and rise in prices: it may be caused by an increase in the volume of paper money issued or of gold mined, or a relative increase in expenditures as when the supply of goods fails to meet the demand.” Hence the use of “traditional definition” wording. Which matters for example in classic readings of economics books. One can argue that the switch in definitions is more a political view to excuse printing money and not backed by any economics reasonings. Ref: https://inflationdata.com/articles/2010/07/21/real-definition-inflation/ https://inflationdata.com/articles/2010/07/21/real-definitio...