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> causing genuine inflation There's something obfuscatory about calling this inflation instead of what it fundamentally is: scarcity. I get that inflation mean

• jfengel 4y ago
  The term predates monetarism. It means price rises of all kinds. It's difficult enough to condense prices into a single measure without distinguishing what causes what. All the economists want for that term is to say, "Here is a standard basket of goods, and here is the average price paid for it." Even that much is hard enough to do that it requires a government bureau to do the calculation. It would add extra confusion to redefine the term "inflation" to refer solely to price changes caused by monetary policy rather than supply or demand. Economists are likely to continue to use the term to mean what they've meant by it for over a century.
  • taolegal 4y ago
    > It means price rises of all kinds. but my point is that isn't the idea of "genuine" (like you said) inflation almost useless to say then? what's a fake rise in prices?