[jl2718]

“ Inflation happens when the supply of money and credit in the economy grows faster than economic output. “

This is extremely important and often misunderstood from a policy perspective. It’s actually not this simple, it’s demand for dollars rather than than economic output, but still, the point remains. Depending on execution, you can get inflation through taxation, or deflation through spending. The net economic effect is critical, and behavioral economics especially has a lot to say about how these can work in reverse.