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Inflation

The New Palgrave Dictionary of Economics

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Abstract

‘Inflation is a process of continuously rising prices, or equivalently, of a continuously falling value of money’ (Laidler and Parkin 1975, p. 741). Since there are many different ways of measuring prices, there are also many different measures of inflation. The most commonly used measures in the modern world are the percentage rate of change in a country’s Consumer Price Index or in its Gross National Product deflator. Measures of inflation in earlier periods are based on fragmentary samples of prices, such as those of corn and other staple commodities, or of labour.

This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman

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  1. http://link.springer.com/referencework/10.1007/978-1-349-95121-5

    Michael Parkin

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    Parkin, M. (1987). Inflation. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_888-1

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    • DOI: https://doi.org/10.1057/978-1-349-95121-5_888-1

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    • Online ISBN: 978-1-349-95121-5

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    1. Latest

      Inflation
      Published:
      21 March 2017

      DOI: https://doi.org/10.1057/978-1-349-95121-5_888-2

    2. Original

      Inflation
      Published:
      30 November 2016

      DOI: https://doi.org/10.1057/978-1-349-95121-5_888-1

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