CHAPTER 13
Inflation
CHAPTER OUTLINE
- Meaning and Definition of Inflation
- Features of Inflationary Economy
- Measures of Inflation
- Inflation and Developing Economies
- Demand-pull vs Cost-push Inflation
- Causes of Inflation
- Effects of Inflation
- Global Inflation and India
- Case
- Key Words
- Questions
- References
MEANING AND DEFINITION OF INFLATION
“Inflation” is commonly understood as a situation of substantial and rapid general increase in the level of prices and consequent deterioration in the value of money over a period of time. The behaviour of general prices is measured through price indices. The trend of price indices reveals the course of inflation or deflation in the economy. As Lerner says, “a price rise which is unforeseen and uncorrected is ...
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