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People think 'inflation' means rising prices. But that's not the real definition...
Yes, and Americans have done the same thing with socialism. Government programs that provide social services, healthcare, are not socialist -- they are welfare state components of a mixed economy. True socialism requires government ownership of the means of production. Neither political party in the U.S. advocates that.
A third choice/nuance is possible — a money supply that expands in step with productive economic growth.
That's a good line of thought. But precise money suppply tracking and/or growth control using money supply as the primary driver was abandoned long ago.
It seems a key problem would be........hey look we had 3.25% growth last quarter let's adjust money supply appropriately........too late.
Yes, and Americans have done the same thing with socialism. Government programs that provide social services, healthcare, are not socialist -- they are welfare state components of a mixed economy. True socialism requires government ownership of the means of production. Neither political party in the U.S. advocates that.
Nice written sleight of hand. Your side may not want the Marx/Engles era definition of socialism per state ownership. Your side wants socialism via state regulation and control.
A much more current definition.........from Dictionary.com:
"Socialism - a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole."
I'd counter the original definition of inflation was describing the act of inflating, coming from the Latin word "inflatus" which means to swell. Saying it isn't rising prices is like pointing at the rash on someone's face who has chickenpox and saying that rash is not chickenpox because chickenpox is microscopic virus.
Monetary inflation and price inflation are indeed two different things, but that has nothing to do with your attempt to pigeonhole the general definition of inflation on one and not the other.
How about 223 years ago?
There is no such thing as 'price inflation.' To inflate means to expand. When you inflate a balloon it expands. When you deflate it, it contracts. Prices don't expand and contract, the supply of money and credit does. Prices rise and fall. Rising prices are a consequence of inflation caused by central banks and governments.
There is no such thing as 'price inflation.' To inflate means to expand. When you inflate a balloon it expands. When you deflate it, it contracts. Prices don't expand and contract, the supply of money and credit does. Prices rise and fall. Rising prices are a consequence of inflation caused by central banks and governments.
You're doing your best to make this latest silly theme you've come up with work, but are failing.
From dictionary.com
verb (used with object), in·flat·ed, in·flat·ing.
to distend; swell or puff out; dilate:
The king cobra inflates its hood.
to cause to expand or distend with air or gas:
to inflate a balloon.
to puff up with pride, satisfaction, etc.
to elate.
SEE MORE
verb (used without object), in·flat·ed, in·flat·ing.
to become inflated. to increase, especially suddenly and substantially:
The $10 subscription has inflated to $25.
From Cambridge
to cause an object to increase in size and shape by filling it with air or gas, or (of an object) to become larger as a result of this process:
to make a number or value higher or greater than it should be, or to make something seem more important than it really is:
to increase the value or price of something, or to become more valuable or expensive:
From Oxford
​[transitive, intransitive] inflate (something) to fill something or become filled with gas or air
Inflate your life jacket by pulling sharply on the cord.
The balloons had been inflated with helium.
When attacked, the fish inflates itself to twice its size.
The life jacket failed to inflate.
The dinghy was in the water, fully inflated.
​[transitive] inflate something to make something appear to be more important or impressive than it really is
The media have grossly inflated the significance of this meeting.
​[transitive, intransitive] inflate (something) to increase the price of something; to increase in price
The principal effect of the demand for new houses was to inflate prices.
The profit margin had been artificially inflated.
Food prices are no longer inflating at the same rate as last year.
Hmmmm who to believe all these dictionaries or some guy on the internet with an ax to grind?
Uh, the price level in an economy measures purchasing power. That is what measuring inflation is meant to accomplish: the amount of goods and services you can buy with a dollar. It is the same thing as saying inflation is measuring the change in prices. We want inflation to be 2 to 3%. A fixed monetary policy is what brought us the great depression.
You're doing your best to make this latest silly theme you've come up with work, but are failing.
From dictionary.com
verb (used with object), in·flat·ed, in·flat·ing.
to distend; swell or puff out; dilate:
The king cobra inflates its hood.
to cause to expand or distend with air or gas:
to inflate a balloon.
to puff up with pride, satisfaction, etc.
to elate.
SEE MORE
verb (used without object), in·flat·ed, in·flat·ing.
to become inflated. to increase, especially suddenly and substantially:
The $10 subscription has inflated to $25.
From Cambridge
to cause an object to increase in size and shape by filling it with air or gas, or (of an object) to become larger as a result of this process:
to make a number or value higher or greater than it should be, or to make something seem more important than it really is:
to increase the value or price of something, or to become more valuable or expensive:
From Oxford
​[transitive, intransitive] inflate (something) to fill something or become filled with gas or air
Inflate your life jacket by pulling sharply on the cord.
The balloons had been inflated with helium.
When attacked, the fish inflates itself to twice its size.
The life jacket failed to inflate.
The dinghy was in the water, fully inflated.
​[transitive] inflate something to make something appear to be more important or impressive than it really is
The media have grossly inflated the significance of this meeting.
​[transitive, intransitive] inflate (something) to increase the price of something; to increase in price
The principal effect of the demand for new houses was to inflate prices.
The profit margin had been artificially inflated.
Food prices are no longer inflating at the same rate as last year.
Hmmmm who to believe all these dictionaries or some guy on the internet with an ax to grind?
Yes, new dictionaries will (falsely!) define 'inflation' as price increases. However, if you get your hands on a vintage dictionary from the 1930s, price increases won't even be mentioned. It will rightfully be defined as the expansion of money and credit. Defining inflation as "prices rising" is a way to dupe the public by obscuring the real cause of inflation- the governments and central banks!
Last edited by Taggerung; 09-02-2020 at 01:24 PM..
Uh, the price level in an economy measures purchasing power. That is what measuring inflation is meant to accomplish: the amount of goods and services you can buy with a dollar. It is the same thing as saying inflation is measuring the change in prices. We want inflation to be 2 to 3%. A fixed monetary policy is what brought us the great depression.
No, we don't need 2-3% "inflation"', that's another LIE from the central banks and government. We would all benefit from falling prices and a falling cost living.
And a "fixed money supply" didn't lead to the depression, the overexpansion of credit by the Federal Reserve did, and government interference made things far worse.
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