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Comment: Re:Economists (Score 1) 778

by ahaweb (#47502139) Attached to: States That Raised Minimum Wage See No Slow-Down In Job Growth

inflation is expansion of the money supply

Let's take this one example. In Macroeconomics 101, there is the formula: MV = PY

M = money supply, V = velocity of money, P = price level, Y = real GDP

So an increase in P (inflation) could be many things, not just an expansion of M (money supply). Even your knowledge of the model is wrong. How much more so your understanding that reality demands more complex models as the reality you're investigating is more complex.

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