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Essay / Research Paper Abstract
This 6 page paper looks at the concept and definition of inflation, examining at the causes of inflation and the way that governments seek to control it. The bibliography cites 8 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEinfdef.rtf
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Unformatted sample text from the term paper:
but it is generally accepted that small levels of inflation are needed in order for there to be growth within an economy (Howells and Bain. 2007 p44). Inflation is generally
perceived as an increase in prices, usually measured on an annual basis in a like for like manner (Nellis and Parker, 2000 p179). In most countries the way that the
inflation rate is measured will be with reference to a particular formula, in many cases it may be the measurement of price changes on a particular basket of goods, some
of which may, or may not include interest rates. Therefore it is possible that there many be numerous inflation rates that are all valid, with different sectors or industries having
different inflation rates. However, it may be argued that the definition of inflation being increases in prices is simplistic, as it is a symptom based definition as there is
a degree of subjectivity in the way that it is defined and measured (Frisch, 1984 p10). A different methodology is adopted by
Bronfenbrenner and Holzman (1963) when defining inflation, they look at inflation from a causal approach defining it as "too much money chasing too few goods" (p599). Another definition given
is that it is an increase in the "money stock, either total or per capita" (Bronfenbrenner and Holzman, 1963 p599). The latter of these aspects has been popularized by Friedman,
who has stated that inflation is a monetary phenomenon that can "be produced only by a more rapid increase in the quantity in money than in output" (Friedman, 1979 p24).
When looking at the way that inflation by considering these casual definitions it may be seen in terms of the causes
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