this post was submitted on 07 Nov 2024
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That's because low inflation does not mean prices come back down, which is what people expect. So technically inflation is not out of control. But prices are still high. That's what people mean.
That's exactly what I said.
Not really. Sorry but you're playing pedantic with the terms. People say inflation to mean high prices.
It's not pedantic. People just literally don't understand what inflation means. Wage growth, apparently, has caught up to inflation, so it's really just that people haven't adjusted their mindset to the higher prices now. And they're angry about it.
In almost everything there is the scientific or technical definition of the term, and then there is common parlance. People will never know the technical terms, just accept that because all you're accomplishing is being pedantic.
How basic of terms should we give up on? Inflation is not a difficult concept. I would barely call it a technical term.
Let me know if you stop people from using the word theory incorrectly. That's only been going on for centuries, surely we'll educate everyone any day!
You jest, but seriously, inflation is not that hard to understand. You apparently have a very low threshold for calling something pedantic.
You are going to be sorely disappointed by the world.