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A 5 pages paper about inflation. The main body of the paper Must contain 2 graphical analysis
Length: 5 pages (1325 Words)
The concept of inflation exists in close connection with the concept of money. Economists believe that inflation as an economic phenomenon exists for a long time, almost since the introduction of money in the economic interactions. Economists generally accepted interpretation of inflation as “a substantial rise of prices caused by an undue expansion in paper money or bank credit” (Hazlitt, 1965:2). But it can be certainly argued that such a definition of inflation is not considered to be complete and sufficient. The problem is that inflation goes beyond the purely monetary phenomenon.