SLP485 What is Inflation? with Jonathan Newman
Stephan Livera Podcast
00:00
The Mises Definition of Inflation
Mises defined inflation as an increase in the supply of money in excess of changes in the demand for money. In Rothbard's version, there's no real reference to the demand formoney. And so here Rothbard is showing that inflation is something that happens outside of the market. It could apply to a gold standard and it could also apply to fiduciary media.
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