Changes

In some societies, political decisions control the supply of currency.  If a [[fiat currency]] is devalued due to an increase in the total [[money supply]], inflation will result.

In some societies, political decisions control the supply of currency.  If a [[fiat currency]] is devalued due to an increase in the total [[money supply]], inflation will result.

Bruce Bartlett wrote:

<!--Bruce Bartlett wrote:

*Inflation is fundamentally a monetary phenomenon. The inflation of the 1970s came about primarily because [[Federal Reserve]] chairman Arthur Burns gunned the [[money supply]] to get [[Richard Nixon]] re-elected in 1972. He was followed by G. William Miller, appointed by [[Jimmy Carter]]. Miller didn’t have a clue about [[monetary policy]] and only made the dismal inflation situation he inherited far worse. [https://www.nationalreview.com/nrof_bartlett/bartlett200406140846.asp]

*Inflation is fundamentally a monetary phenomenon. The inflation of the 1970s came about primarily because [[Federal Reserve]] chairman Arthur Burns gunned the [[money supply]] to get [[Richard Nixon]] re-elected in 1972. He was followed by G. William Miller, appointed by [[Jimmy Carter]]. Miller didn’t have a clue about [[monetary policy]] and only made the dismal inflation situation he inherited far worse. [https://www.nationalreview.com/nrof_bartlett/bartlett200406140846.asp]-->

==Measures of inflation==

==Measures of inflation==