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Glossary.svg This page describes a concept which is part of our glossary
Quote.pngInflation is an increase in money substitutes not covered by an increase in the metal stock. This is never socially useful, it merely benefits one set of people at the expense of another. Inflation, being a fraudulent invasion of property, could not take place on the free market.
— Murray N. Rothbard, What Has Government Done to Our Money?

Quote.pngPrinting money out of thin air does not increase wealth, it only increases claims on existing wealth.
— Charles Hugh Smith

What is the definition of inflation, what are the causes? Wikipedia states the definition as;

In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.[1] When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation is also a decline in the real value of money—a loss of purchasing power in the internal medium of exchange and unit of account in the economy.[2] A chief measure of general price-level inflation is the general inflation rate, which is the percentage change in a general price index (normally the Consumer Price Index) over time.[3]"

See also