The classic definition is better, because it is measurable, objective.
The new definition and all its variants is relative and makes intertemporal comparisons very difficult.
The classic definition is better, because it is measurable, objective.
The new definition and all its variants is relative and makes intertemporal comparisons very difficult.
referring to any increase in the money supply as "inflation" is pop economics.
its a convenient shorthand, i do it too
but as Mises points out, its vague and non-technical.