Re:Former President Trump is projected to win the presidency
by JumpCrisscross on Wednesday November 06, 2024 @01:46PM
(#42067224)
> change in how "inflation" was being used largely goes back to Keynes and Modern Monetary Theory
This is totally false. It dates to the inter-War period, specifically, to describe Weimar hyperinflation. (If you just look at money supply, it was bad. If you look at prices it was the disaster that it was.)
That doesn't change the fact that the attempt to redefine it both co-opted the word and made it functionally useless. Prices change for all kinds of reasons. The amount of change alone is meaningless and using that meaning of the word allows economists today to play a lot of shell games with the numbers.