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Old Doctrines and a New Theory

In: The Causes of the Present Inflation

Author

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  • Andrew Tylecote

Abstract

The language of economics is littered with the husks of dead theories. Words have their modern meanings, but their outer forms embody the ideas of the economists who first used them. Often that does no harm, but there are some words which act as carriers for old theories, slipping them unseen into our thoughts, where they stay unnaturally alive. I shall have to use three of these vampire words again and again: inflation, deflation, reflation. The best protection, the economist’s garlic and crucifix, is a cold clear definition of the word, and a warning of what theory lurks within.

Suggested Citation

  • Andrew Tylecote, 1981. "Old Doctrines and a New Theory," Palgrave Macmillan Books, in: The Causes of the Present Inflation, chapter 1, pages 1-24, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06416-8_1
    DOI: 10.1007/978-1-349-06416-8_1
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