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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 me
by 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 agohttps://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 This link does at least acknowledge the original meaning of the word, though it does imply that's an outdated use in economics.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 agoThe 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.