no third solution

Blogging about liberty, anarchy, economics and politics

Errata

November 21st, 2008

In Why Can’t We Secede?, Mike Gogulski noted that I inadvertently attributed a quote to him, when credit should’ve been given to John at blagnet.

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One of my pet peeves is correcting people who use the wrong definition of inflation/deflation, so I’m glad that Anarcho-mercantilist made a blog post pointing out that I used a wrong definition of deflation in recent comment I left at Democracy Sucks.

I used the term “deflation” when I really meant to distinguish falling prices due to an increase in productivity.

For the record, the “wrong” definition is “inflation is caused by rising prices, deflation is caused by falling prices.” The right definition is “inflation is monetary expansion, which causes prices to rise. Deflation is monetary contraction, causing prices to fall.” To be sure, there are other things which cause prices to rise/fall, but inflation is never caused by rising prices, and deflation is never caused by falling prices.

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That is all.

no third solution

Blogging about liberty, anarchy, economics and politics