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Re: Four Horsemen

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  • walto
    ... There is little doubt that if inflation is to mean nothing but increase in the the money supply, when the money supply increases, inflation will ensue.
    Message 1 of 90 , Jan 30, 2013
      --- In LandCafe@yahoogroups.com, "harrypollard" wrote:
      >
      > Walter,
      >
      >
      >
      > You assume too much.
      >
      >
      >
      > I accept Quantity Theory because it makes sense. I mentioned its long
      > history for interest's sake.
      >
      >
      >
      > I follow Classical Political Economy rather than the mess we have now
      > because it made -and makes - sense.
      >
      >
      >
      > I am well aware that velocity is part of the mess but don't attach much
      > importance to it. To me, it seems contrived.
      >
      >
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      > Price changes are part of the market price mechanism. I am concentrating on
      > inflation in its original meaning - an increase in the money supply (which I
      > think only the Austrians continue to accept).
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      >
      >
      > The original use was worthwhile. Now, inflation is simply shorthand for
      > price increases and is of not much use in economic thought.
      >
      >
      >
      > Harry
      >


      There is little doubt that if "inflation" is to mean nothing but increase in the the money supply, when the money supply increases, inflation will ensue. Presumably, however, it was not that tautology that you were originally plumping on this thread.

      In fact, your first posts on the matter (the ones that KJ, Roy, and I have disputed) specifically mentioned the cost of goods--something which you now say is "of not much interest."

      W
    • roy_langston
      ... Inflation is shorter and more descriptive. ... Having a label and definition for the concept helps people share information about it. ... Maybe that s
      Message 90 of 90 , Feb 1, 2013
        --- In LandCafe@yahoogroups.com, "harrypollard" wrote:

        > So why not say they are changing systematically?

        "Inflation" is shorter and more descriptive.

        > How does calling rising prices inflation help to "understand how, when and why"?

        Having a label and definition for the concept helps people share information about it.

        > Whereas inflation in its original meaning indicates that the money issuer has done something.

        Maybe that's part of it: the apologists for bankster privilege want to conceal the fact that it is private commercial banks that are issuing the money, not government.

        -- Roy Langston
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