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I contend his analogy is wrong; it's not like "inflation" changed from a money policy thing to a labor market thing.


Inflation historically was a measure of the change in money supply. They co-opted the same word to instead measure an entirely different concept, the change over time of a basket of goods.

In my book that's very similar to taking a distance measurement and reusing the word to instead measure a totally different concept, volume. Curious how its different though, I may just be tripping myself up here.




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