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'INFLATION IS ALWAYS AND EVERYWHERE A MONETARY PHENOMENON resulting from and accompanied by a rise in the quantity of money relative to output.' 'We face a new inflationary problem. Its origins are social and political, not economic or monetary.' These two quotations summarize briefly, but well, the two most widely held yet sharply conflicting views on the causes of inflation. Which view is correct? Is it possible, perhaps, that.in a paradoxical sense both are? These are the central questions which are addressed in this paper. First an analytical framework is presented within which it is possible to pose the major relevant questions about the causes of inflation, concentrating articularly on the possible interactions between political, soci af and economic factors. That fiamework is then used to present the two most commonly advanced and yet sharply distinct views about the causes of inflation and, by implication, what would have to be done to stop it. These two views are then evaluated on the basis of the empirical evidence. This evaluation is more impressionistic and historical than econometric and technical though the two approaches do in fact tell the same story. Finally, the policy implications which follow from the analysis are examined. This policy evaluation is conducted in broad political, rather than narrowly technical, economic terms.

For principles of economics courses. An engaging, practice-oriented approach to understanding core economic principlesFoundations of Economics introduces economic principles students can use to navigate the financial decisions of their futures. Each chapter concentrates on 3 to 4 ideas, with each idea reinforced several times throughout the text. This patient approach helps guide learners through unfamiliar terrain and focuses them on key concepts and skills, like reading and interpreting graphs.The 9th Edition motivates with compelling issues and encourages learning with practice questions, to help students grasp and apply economic principles to the real world.Hallmark features of this titleA focus on core ideasEach chapter concentrates on 3 or 4 ideas and later revisits them, to help students navigate the material and focus on key concepts.Examples and applications examine the economic factors behind key issues facing the world, such as US protection, how the sharing economy intensifies competition, and minimum wage.An emphasis on outcome-driven teaching and learningThe content is presented in diagrams, words and tables to appease students who are apprehensive about working with graphs.The text leaves room for flexibility for professors who want to cover the material in a different order.New and updated features of this titleDiscussion of key issues helps students better understand economicsEmployability, including the job skills students can develop by studying economics and jobs available to economics majors (Ch. 1)The efficiency of fairness of markets, with a focus on scalping (Ch. 6)The gig economy and its effects on the labor market, plus falling wages of lower educated and/or less skilled people (Ch. 19)The implications of income distribution (Ch. 20)The persistent low inflation puzzle (Ch. 31)Tax cuts, infrastructure spending, and increasing deficit (Ch. 32)