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Episode 006: Economic Illiteracy Has Led to Us Placing Blame Wherever Politicians Feel Like It
Manage episode 317164660 series 3290515
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Lets start here:
What Is Inflation?
Inflation is the decline of purchasing power of a given currency over time. A quantitative estimate of the rate at which the decline in purchasing power occurs can be reflected in the increase of an average price level of a basket of selected goods and services in an economy over some period of time. The rise in the general level of prices, often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods.
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