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Wednesday, 3 April 2013

DEFINITION OF INFLATION

INFLATION      DEFINITION OF INFLATION              By inflation, in ordinary language, we mean a process of raising prices. A situation is described as inflationary when either the prices or the supply of money are raising, because in practice both will rise together. In the Keynesian sense, true inflation begins when output the elasticity of supply output in response to increase in money supply has fallen to zero or when output is unresponsive to changes in...