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Essay / Research Paper Abstract
This 5 page paper considers the definition of inflation its
causes and consequences, this includes the examination of its influence on
unemployment, imports and exports and government policies. The theories of Philips and Friedman are considered. The paper includes 1 graph. The bibliography cites 4 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEinflat.doc
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Unformatted sample text from the term paper:
common perception that inflation is a negative aspect in the economy. Since the demise of Keynesian principles of economics being used as the basis for the management of national economies
such as the United Kingdom supply and supply side economic being adopted the newer policies are centred on the control of this economical variable known as inflation (Beattie 27). However,
when reading this paper it is also necessary to remember that although inflation can be a destructive force it is also a requirement in any economy as zero inflation with
normally represent zero or negative growth. Inflation is normally measured by the increase in prices. This may be, as in the United
Kingdom and the retail prices index, on a set range of commodities, or as a general increase in prices including interest rates or any combination of price increases the government
or organisation chooses to use in the measure of inflation. There are a wide range of inflation measures, such as wholesale price indices. The increase is represented as a
percentage with the higher the percentage the higher the increase. When measuring inflation certain items will always receive a heavier weighting than others as the cost of a luxury car
rising by 50% is unlikely to effect many people yet the 25% increase in the cost of bread or potatoes will influence the spending and budgets of many more.
Inflation is often seen as the result of any supply and demand economy. Supply and demand are major determinates in the prices for
products and services. Where supply outstrips demands the prices will fall until the level or demand increases and the market reaches equilibrium. Conversely, where demand outstrips supply then the prices
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