I think the dictionary is being very "traditional" actually.
Inflation, it seems to me, has traditionally been monetary rather
than price. Devaluation of a currency is caused by the inflation
(creating more of) that currency and you deflate it, withdrawing
money, to redress that.
The Oxford English Dictionary makes that clearer:
6. Great or undue expansion or enlargement; increase beyond proper
limits; esp. of prices, the issue of paper money, etc. spec. An undue
increase in the quantity of money in relation to the goods available
for purchase; (in lay use) an inordinate rise in prices.
(ie in lay use it's used to mean a price hike, in other contexts a
growth in the currency in issue).
No?
Jock
On 13 Feb 2006, at 05:04, John G Rawson wrote:
> Then where does the accepted "cost push inflation" fit in?
>
> And I repeat, it is measured as price rises, with no relation to
> money supply. Perhaps the dictionary is being a little impractical
> in this case?
>
> Regards. John R.
>
> From: "Daniel Morin" <dan@danmorin.com>
> Reply-To: socialcredit@elistas.com
> To: <socialcredit@elistas.com>
> Subject: RE: [socialcredit] Definition of inflation
> Date: Sun, 12 Feb 2006 21:01:58 -0500
>
> Before making your own definition of inflation to fit your A+B
> model, here is the definition of Inflation according to my Webster
> Dictionary:
>
> "An increase in the volume of money and credit relative to
> available goods and services resulting in a continuing rise in the
> general price level."
>
> Source: Webster Collegial Dictionary, 1996.
> -----Original Message-----
> From: John G Rawson [mailto:johngrawson@hotmail.com]
> Sent: Sunday, February 12, 2006 3:02 PM
> To: socialcredit@elistas.com
> Subject: Re: [socialcredit] Social Credit and Inflation--and
> related issues
>
> First, define inflation. Invariably, it is measured as "rising
> prices", which therefore that is my, and I think our Party's,
> definition of it. It may be caused by "too much money ...", when
> it is "demand-pull inflation", or by other factors (e.g. rising oil
> prices or higher interest rates) when it is "cost-push inflation".
>
> And, once again, the A+B model postulates as a corollary that we
> have cost-push inflation more than demand-pull. "There are factors
> in the economy (B costs) that push the cost of goods above the
> level of consumer purchasing power." So of course economists who
> deny the Douglas analkysis don't understand where inflation is
> coming from.
>
> Regards. John R.
>
> From: "W. McGunnigle" <wmcgunn@maxnet.co.nz>
> Reply-To: socialcredit@elistas.com
> To: <socialcredit@elistas.com>
> Subject: Re: [socialcredit] Social Credit and Inflation--and
> related issues
> Date: Sun, 12 Feb 2006 23:04:53 +1300
> >Hi Kenneth
> > I had not really considered that question of "inflation"
> >as it operated in our economy, but was intrigued by your comment that
> >socalled "economic experts" have never produced a really
> satisfactory answer
> >as to why it happens. I find that, on reflection, all their
> "explanations"
> >appear to be waffle with little or no substance to back up their
> comments.
> >They are very good at manipulating figures, but very short on
> statisdtical
> >analysis of those figures. They always have an excuse as to why their
> >forecasts are incorrect. My youngest brother has a theory that
> inflation has
> >nothing to do with money or product availablity, but is the direct
> result of
> >propaganda perpetrated by banking organisations who encourage price
> >increases by simply stating that inflation is increasing and
> prices must
> >increase to compensate for it. They don't have to state any
> reasons, but
> >simply create an atmosphere whereby price increases are accepted.
> Inflation,
> >i.e. increased costs for goods and services, follows on as a self-
> induced,
> >self-fullfilling prophesy. Effectively "inflation" is a mind set
> rather
> >than an economic consequence. I cannot see how this can be
> quantified, but I
> >can see the logic in his argument. It certainly explains the
> "stagflation"
> >phenomena where costs still increased despite falling industrial
> production
> >and increasing unemployment.
> > Bill Mc Gunnigle
> >----- Original Message -----
> >From: "Kenneth Palmerton" <kenpalmerton@cix.compulink.co.uk>
> >To: <socialcredit@elistas.com>
> >Cc: <kenpalmerton@cix.compulink.co.uk>
> >Sent: Friday, February 10, 2006 5:40 AM
> >Subject: Re: [socialcredit] Social Credit and Inflation--and
> related issues
> >
> >
> > > In-Reply-To: <00aa01c62844$b0b3d320$6400a8c0@cdv73pbgpo6eny>
> > > Hi Wallace.
> > >
> > > For a very long time I have been of the opinion that economists
> do NOT
> > > understand "inflation". Even their attempts to describe it, and
> offer a
> > > definition leave me much less than convinced of their competence.
> > >
> > > They seem to offer no logical explanation of why prices rise.
> > >
> > > I have sat with fellow directors of a manufacturing company
> around our
> > > board room table looking at each other wondering if our
> competitors would
> > > let us get away with a price rise of our products.
> > >
> > > This was not so much an exercise in maximising our profits, as
> trying
> > > desperately to cover our costs. This I believe is a common
> scenario,
> > > common to most companies in mature markets.
> > >
> > > Coming to understand later the rightness of A+B has helped,
> with its
> > > reference to purchasing power, which was the other thing we
> Directors
> > > agonised over. Would our customers have the money in their
> pockets when
> > > they chose our products ?
> > >
> > > This enlightenment came too late for me and mine I fear :-))
> > >
> > > Ken.
> > >
> > >
> >
> >
> >---------------------------------------------------------------------
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