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Ed, I think we are
mostly in agreement in this discussion. Though we might have different
conclusions, we know what the basis for them are. Inflation
originally meant something specific and informative. Now it has come to mean
something else. OK. I fear that
this change of use leads us away from the serious problem of expansion of the “value
measure” supply. I don’t
think the change in the “defined concept” has helped analysis at
all. You understand
and accept it, which is also all right. Harry ******************************************** From: Ed Weick
[mailto:[EMAIL PROTECTED] Harry, I guess prices have not come down
because the money supply has increased more rapidly than productivity.
The English language has proven enormously flexible. Get used to
it. If we want to call rising prices "inflation", we can,
though we know that the root cause is an increase in the volume of money and
credit in relation to available goods. BTW, cosmologist also use the term
to describe what happened to the universe immediately after the big bang. Ed |
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