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Summary of Article one. “Back to Basics Inflation”
Member rating: No Rating | Words: | Submitted: Thu Jul 11 2002
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Summary of Article one. "Back to Basics Inflation" This article on inflation describes the effect of inflation on the economy as a whole and on the effects on Money. The article gives a definition of inflation as the persistent rise in the general level of prices. The first point explained is about the inflation rate in 1970, which showed prices had risen to 26.9%. This would prove a great problem to the public if there were not a raise in real income as most necessities would not be affordable. Also due to this rise in prices Savers suffered due to low interest rates and those who borrowed money had to pay less for their debts. The article then talks about the effects of inflation on the functions of money; it explains that the function of money was to replace the barter system where commodities were exchanged in terms of another...
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