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John Maynard Keynes relates inflation to price levels that arise after full employment, distinguishing between beneficial price rises linked to increased production and harmful price rises without production increases. Initial price rises that lead to full employment are seen as positive, termed reflation, while subsequent price increases without production growth are deemed inflation. Thus, inflation is defined as a rise in price levels occurring after full employment has been reached.
- Author
- munjereriabel
- Language
- EN