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To: JF Quinnelly who wrote (84)	3/27/2001 11:25:47 PM
From: Ilaine	Read Replies (1) \| Respond to of 443

Ai-yi, now we are getting into that idiosyncratic definition of inflation/deflation the Austrian economists use. The rest of the world defines inflation as an increase in prices and deflation as a decrease in prices. Austrians define inflation as an increase in the money supply and deflation as a decrease in the money supply. Fewer dollars available to pursue the same goods may lead to price deflation, but in the case of manufactured goods, energy costs are passed on to the extent they can be. It's not a simple curve, it's got more than two dimensions.