Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: Incitatus	5/6/2008 10:55:05 PM
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Mish, can you please explain why it matters what "inflation" is? Let me give an example. You stumble upon three guys heatedly fighting over the definition of "Christian spiritual beings." The first guy says that the term only applies to God. The second guy says it includes the angels as well. And the third guy claims that, properly defined, "Christian spiritual beings" includes angels and demons, but not God. Isn't the rational response to say, "who cares?" Who's to say what the "proper definition" is anyway? Doesn't the right definition depend upon the context in which it is used? Is there any consequence to getting the right definition? If one person says that deflation is happening (defining inflation as money supply plus credit) and another says inflation is occurring (defining inflation as only money supply), why not just say "the money supply is increasing but the combined credit and money supply is decreasing"? Then everyone can agree. But it still won't affect the price of tea in China.

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