How to Communicate Inflation

Inflation actually is a term of art. People are speaking this language, and oftentimes they are using it incorrectly. The way that the term inflation is used in the general, demotic, day to day life of america is not the same way that economists use it. But ultimately, if everyone is using inflation to mean a certain thing, then that's what it means. Basically, stuff costs more,. That's how people use that's the general realm in which uniconomists are thinking about things.