Inflation is an elusive term. In 1983, Webster’s New Universal Unabridged Dictionary defined Inflation as:
“An increase in the amount of currency in circulation, resulting in a relatively sharp and sudden fall in its value and rise in prices: it may be caused by an increase in the volume of paper money issued or of gold mined, or a relative increase in expenditures as when the supply of goods fails to meet the demand.”
However, Investopedia states:
“Inflation is an increase in the average price of goods and services over time.”
A quick check will reveal that Investopedia is not alone in their current definition. The definition has moved away, in…
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