Is Inflation the Right Word?

There is much debate about whether or not this is some law of nature handed down by the gods of Econ 101. When you say inflation, you sort of imply that there's one thing going on, one economic process and one solution. And we certainly have a widespread, although certainly not across the board, rise in prices. So I think it's better when we can't to focus on individual prices and think about what's driving those rather than talk about inflation as an undifferentiated thing.