3 ms·

>the term has been misused for decades now Am I out of touch? No it is all of modern economists who are wrong.jpg

_heimdall 2y ago
Wait, is your argument that modern economists couldn't possible be wrong? Or in this case, that modern economists couldn't possibly have co-opted the term to better work with Keynesian economics and MMT? If physicists decide to reuse the word "meter" for a unit of measuring volume does that mean anyone that uses it as a measure of distance is wrong? Wouldn't it make more sense to create a new term for the new need, a term that doesn't collide with centuries of use?
- drawkward 2y ago
  >If physicists decide to reuse the word "meter" for a unit of measuring volume does that mean anyone that uses it as a measure of distance is wrong? Wouldn't it make more sense to create a new term for the new need, a term that doesn't collide with centuries of use? Perfect question! In fact, the definition of "meter" has changed over time, and if you stick with the old definition, you'd be off by 0.2 millimeters: https://www.nist.gov/si-redefinition/meter https://www.nist.gov/si-redefinition/meter Science changes as it needs to. (And the word "science" is doing a lot of heavy lifting here when we are discussing economics, aka the dismal science.)
  - porridgeraisin 2y ago
    A 0.2mm difference is so vastly different from the analogy he made to using it as a measurement of volume. Hopefully you're putting this forward as an interesting factoid and did not mean it as an actual argument.
    - drawkward 2y ago
      I contend his analogy is wrong; it's not like "inflation" changed from a money policy thing to a labor market thing.
      - _heimdall 2y ago
        Inflation historically was a measure of the change in money supply. They co-opted the same word to instead measure an entirely different concept, the change over time of a basket of goods. In my book that's very similar to taking a distance measurement and reusing the word to instead measure a totally different concept, volume. Curious how its different though, I may just be tripping myself up here.
- lottin 2y ago
  Classical economists didn't seem to use the term 'inflation' in either sense. I can't find any evidence that 'modern economists' have corrupted the original meaning, like you imply.
  - _heimdall 2y ago
    https://www.clevelandfed.org/publications/economic-commentary/1997/ec-19971015-on-the-origin-and-evolution-of-the-word-inflation https://www.clevelandfed.org/publications/economic-commentar... This link does at least acknowledge the original meaning of the word, though it does imply that's an outdated use in economics.
    - lottin 2y ago
      The author certainly makes this claim, but fails to provide any evidence. "It is during this period [the era between the mid-1830s and the Civil War] that the word inflation begins to emerge in the literature, not in reference to something that happens to prices, but as something that happens to a paper currency.7" The footnote doesn't contain any reference.
- vundercind 2y ago
  Could they be wrong about the well-understood label they’ve agreed upon to refer to a particular concept in their field? No, and in fact I’m tempted to class the answer as tautologically “no”.

Wait, is your argument that modern economists couldn't possible be wrong? Or in this case, that modern economists couldn't possibly have co-opted the term to better work with Keynesian economics and MMT? If physicists decide to reuse the word "meter" for a unit of measuring volume does that mean anyone that uses it as a measure of distance is wrong? Wouldn't it make more sense to create a new term for the new need, a term that doesn't collide with centuries of use?

drawkward 2y ago
>If physicists decide to reuse the word "meter" for a unit of measuring volume does that mean anyone that uses it as a measure of distance is wrong? Wouldn't it make more sense to create a new term for the new need, a term that doesn't collide with centuries of use? Perfect question! In fact, the definition of "meter" has changed over time, and if you stick with the old definition, you'd be off by 0.2 millimeters: https://www.nist.gov/si-redefinition/meter https://www.nist.gov/si-redefinition/meter Science changes as it needs to. (And the word "science" is doing a lot of heavy lifting here when we are discussing economics, aka the dismal science.)
- porridgeraisin 2y ago
  A 0.2mm difference is so vastly different from the analogy he made to using it as a measurement of volume. Hopefully you're putting this forward as an interesting factoid and did not mean it as an actual argument.
  - drawkward 2y ago
    I contend his analogy is wrong; it's not like "inflation" changed from a money policy thing to a labor market thing.
    - _heimdall 2y ago
      Inflation historically was a measure of the change in money supply. They co-opted the same word to instead measure an entirely different concept, the change over time of a basket of goods. In my book that's very similar to taking a distance measurement and reusing the word to instead measure a totally different concept, volume. Curious how its different though, I may just be tripping myself up here.
lottin 2y ago
Classical economists didn't seem to use the term 'inflation' in either sense. I can't find any evidence that 'modern economists' have corrupted the original meaning, like you imply.
- _heimdall 2y ago
  https://www.clevelandfed.org/publications/economic-commentary/1997/ec-19971015-on-the-origin-and-evolution-of-the-word-inflation https://www.clevelandfed.org/publications/economic-commentar... This link does at least acknowledge the original meaning of the word, though it does imply that's an outdated use in economics.
  - lottin 2y ago
    The author certainly makes this claim, but fails to provide any evidence. "It is during this period [the era between the mid-1830s and the Civil War] that the word inflation begins to emerge in the literature, not in reference to something that happens to prices, but as something that happens to a paper currency.7" The footnote doesn't contain any reference.
vundercind 2y ago
Could they be wrong about the well-understood label they’ve agreed upon to refer to a particular concept in their field? No, and in fact I’m tempted to class the answer as tautologically “no”.