Historically, inflation always referred to an increase in the money supply, whereas nowadays it refers to an increase in prices.
The lure of the Consumer Price Index doesn't just undermine price inflation, but also camouflages monetary inflation.
Some unnatural changes include market regulations, price controls, and monetary inflation.
The CPI will not reflect only monetary inflation since prices fluctuate with both natural and unnatural changes in supply and demand.
The largest price increases will typically be where large amounts of money are first injected.
All things being equal, we should expect a drop in the price index, just as we should have had the money supply remained unchanged.
The true money supply metric, created by Murray Rothbard and Joseph Salerno, is the best money supply metric and thus the best measure of inflation.
https://mises.org/wire/true-money-supply-correct-measure-inflation-not-consumer-price-index
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