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Re: Four Horsemen

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  • roy_langston
    ... There s a reason for that. Saying that inflation is just an increase in the money supply makes your position tautological and uninteresting. ... OTC, that
    Message 1 of 90 , Jan 30, 2013
      --- In LandCafe@yahoogroups.com, "harrypollard" wrote:

      > I am concentrating on
      > inflation in its original meaning - an increase in the money supply (which I think only the Austrians continue to accept).

      There's a reason for that. Saying that inflation is just an increase in the money supply makes your position tautological and uninteresting.

      > The original use was worthwhile. Now, inflation is simply shorthand for price increases and is of not much use in economic thought.

      OTC, that usage is much more useful in economic thought, because prices are the basic data of economics. If they are changing systematically, it is crucial to understand how, when and why.

      -- Roy Langston
    • 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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