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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: GST who wrote (53677)	2/13/2006 10:31:33 AM
From: GraceZ	Read Replies (1) of 110194

Well the Austrians would say that if you define inflation by a change in the general price level than you are mixing up the outcome of inflation with inflation itself. Most economists would say that to call an expansion of the money supply inflation is to mix up the probable cause with the definition of inflation, which is a loss in the value of your dollars, as measured against a broad basket of goods and services. This argument has been around a lot longer than you two guys. Who's is right? I don't know, I suppose that in the context of the Austrian School they have the right to define things in whatever way they wish even if it means little to the ordinary householder. To them, inflation is defined by the statement, "My money doesn't buy what it used to buy."

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