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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: bart13 who wrote (75476)12/13/2006 10:31:12 AM
From: Tommaso  Read Replies (2) of 110194
 
"And when you look in more advanced or older Economics texts or in the unabridged OED or Websters, you find more precise definitions that aren't simply labels that boil down to inflation being more money than goods."

Which texts are you referring to? And does this imply that older texts are "more advanced"? Also, at least one current Merriam Webster definition is as follows: "a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services"

If older is better, I was originally quoting from the tenth edition of Samuelson, 1976. I don't know if there have been any revisions in the language since then.

Most of us identify inflation somewhat in the same way as we identify a disease. For example, we talk about Altzheimer's disease in terms of its symptons and the effect on the person who has it. The cause of the disease is a matter of investigation and debate. For most people, inflation is an economic condition that they find themselves in, when prices are rising. There are different causes for inflation. The cause of inflation of the price of a chicken during the siege of Vicksburg is different from the cause of inflation of the price of an egg in the Weimar republic.

Here's an excellent example of very fast inflation caused both by an emergency and by an excess of money. A man robbed a bank in New York City and had the money put into a paper bag. He ran out the door into a rainstorm. The bag got wet and began to fall apart. He saw someone with an umbrella. "I will give you a hundred dollars for that umbrella!" he said.
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