Friedman's arguments were designed to counter the popular concept of cost-push inflation, that the increased general price level at the time was the result of increases in the price of oil, or increases in wages; as he wrote,
42.
"It's our estimate that given the quality of the Chinese merchandise that comes in, and it's general price level, that revocation of MFN would fall most hardest on economically disadvantaged people in the United States, " she said.
43.
In macroeconomics, the long run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short run when these variables may not fully adjust.
44.
:: : : : : " In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time . " So no, it's not inflating the money supply.
45.
While the general price level for all goods and services has been rising for the last few years at what is still a very modest 2 percent or so, prices in many of the most competitive arenas are actually down.
46.
The Wicksellian Differential therefore provides an alternative estimation of the extent of disequilibrium in a credit-based economy to more standard Taylor Rule approaches which attempt to estimate deviations from a general equilibrium based on the fluctuations in output and the general price level.
47.
Investors are worried " that the labor market is tight, and that wage increases will flow through the economy to general price levels, " said David Schroeder, who helps manage $ 12 billion of bonds for American Century Benham in Mountain View, California.
48.
Clearly in this context, the general price level, that is, the average exchange rate for money against all goods and services, and how it changes over time, plays a profoundly important role in any society, because it influences the nature and scope of our economic and social relationships over time.
49.
And though he held out the hope that financial markets may eventually devise instruments and associated analytical techniques for measuring changes in the general price level, he said that the currently available instruments _ the market for inflation-indexed bonds, mainly _ are in no way a substitute for government price collecting.
50.
As an Austrian economist I lay the blame for the current economic crisis at the feet of inflation ( that is, an increase in the money supply, not just an increase in the general price level ); in other words, I blame fractional-reserve banking . "'( Talk ) 15 : 31, 20 May 2009 ( UTC)
