Brian - I don't think I've ever seen a simple, clear explanation of exactly how inflation manifests itself in an economy. How would you teach it to a ten year old? What do citizens do differently that allows inflation to happen? Take the example of Europe in the Spanish price revolution- I know its cause was imported gold from the Americas, but how did that work itself through the economy. If you have to mention M1 or M2, I think you've fallen short. A clear explanation might spike a lot of greed blaming.
Brian - I don't think I've ever seen a simple, clear explanation of exactly how inflation manifests itself in an economy. How would you teach it to a ten year old? What do citizens do differently that allows inflation to happen? Take the example of Europe in the Spanish price revolution- I know its cause was imported gold from the Americas, but how did that work itself through the economy. If you have to mention M1 or M2, I think you've fallen short. A clear explanation might spike a lot of greed blaming.