The Foundation for Economic Education (FEE) has a series of articles which together are referred to as “Cliches of Progressivism.” The latest in the series, Number 35, says “Government is an Inflation Fighter.”
They describe how, to throw observers of the track of why prices rise, Progressives have changed the definition of Inflation away from the Classical Liberal meaning of expanding a nation’s money supply, which
then causes each piece of paper money to have a lower value, meaning that prices rise.
The newer, Progressive definition refers only to the rising of prices. It’s an important distinction for those wishing to stop rising prices. The Progressives would have you blame the greedy ranchers for the run-up in beef prices this summer. But, the Clssical Liberals – now the Austrian School of Economics – know that the only way to have a sustained general rise in the price level is for government to raise the money supply – to debase the currency.