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Inflation: Difference between revisions
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[[File:Zimbabwe $100 trillion 2009 Obverse.jpg|thumb|2009 Zimbabwe $100 trillion banknote. At the peak of Zimbabwe’s hyperinflation in November 2008, prices in Zimbabwe were doubling every 24 hours.]] | [[File:Zimbabwe $100 trillion 2009 Obverse.jpg|thumb|2009 Zimbabwe $100 trillion banknote. At the peak of Zimbabwe’s hyperinflation in November 2008, prices in Zimbabwe were doubling every 24 hours.]] | ||
Historically, '''inflation''' was defined as any increase in the quantity of money, other than an increase from a switch in the money commodity (that is [[gold]]) from nonmonetary uses to monetary uses. Inflation | Historically, '''inflation''' was defined as any increase in the quantity of money, other than an increase from a switch in the money commodity (that is [[gold]]) from nonmonetary uses to monetary uses. Inflation resulted from new discoveries or mining of gold or artificial creation of additional quantities of the media of exchange. | ||
In more recent years, inflation has been defined as higher prices. | |||
== Consequences of inflation == | == Consequences of inflation == | ||