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Webster's says, "Inflation is an increase in the volume of money and credit relative to available goods," and "Deflation is a contraction in the volume of money and credit relative to available goods." To understand inflation and deflation, we have to understand the terms money and credit.by the owner or by the owner's custodial institution to a borrower in exchange for a fee or fees - called interest - as specified in a repayment contract called a bond, note, bill or just plain IOU, which is relative to the volume of goods available, the relative value of each unit of money rises, making prices of goods generally fall.So as long as confidence and production increase, the supply of credit tends to expand.The expansion of credit ends when the desire or ability to sustain the trend can no longer be maintained.
(d) None was ever quite like the last, so that the public was always fooled thereby. (f) Credit is credit, whether non-self-liquidating or self-liquidating.As confidence and production decrease, the supply of credit contracts.The psychological aspect of deflation and depression cannot be overstated.This difference in effect is due to differences in the social psychology that accompanies inflation and disinflation, respectively, as we will discuss briefly in Chapter 12. They tend to occur across the board, in goods and investment assets simultaneously.