Economics Dictionary of ArgumentsHome
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| Deflation: In economics, deflation refers to a decline in the general price level for goods and services. This can lead to a decline in consumer spending, higher debt burdens, and economic stagnation. Deflation is often associated with economic recessions and is a problem for central banks seeking to maintain price stability. See also Inflation._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Edward Copleston on Deflation - Dictionary of Arguments
Rothbard II 209 Deflation/gold standard/Copleston/CopelstonVsRicardo/Rothbard: in his challenge to Ricardo [Copleston is] (…) reviving, perhaps unwittingly, the 'complete bullionist' or 'pre-Austrian' monetary tradition of Cantillon and Lord King. >Bullionism, >Austrian school. Rothbard: Copleston, in the first place, attacked Ricardo's mechanistic assertion that exchange rates measure the degree of depreciation, this doctrine resting on the equally mechanistic View that 'a variation in price caused by an altered value of money is common at once to all commodities'. Copleston countered that it was precisely because prices do not adjust smoothly, instantly, and uniformly to inflation that the inflation process is so painful and destructive: Rothbard II 210 Copleston: The fact undoubtedly is, that the altered value of money does not affect all prices at the same time: but that wide intervals occur, during which one class is compelled to buy dear while they sell cheap, and others have no prospect whatever of indemnity, or of regaining the relative position they once occupied. Rothbard: In short, Copleston pointed out the profound truth that in a transition period to a new monetary equilibrium there are always gains by those whose selling prices rise faster than their buying prices, and losses by those whose costs rise faster than selling prices, and Who are late in receiving the new money. But, even further, Copleston points out that some of these changes in relative income and wealth will be permanent. In Short, changes in the money supply are never neutral to the economy, and their effects are never confined to the 'level' of prices._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Copleston I Edward Copleston State of the Currency", 1822, 1822 Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
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