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Question
________ defined inflation as an expansion in money supply relative to supply of goods and services.
________ defined inflation as an expansion in money supply relative to supply of goods and services.
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Solution
The correct option is D JM Keynes
According to J.M. Keynes, inflation refers to the expansion in the money supply relative to the supply of goods and services in the economy which resulted in the constant and appreciable increase in the general price level of such goods and services. Due to this increase in the supply of money, the purchasing power in the economy increases which results in inflation.
According to J.M. Keynes, inflation refers to the expansion in the money supply relative to the supply of goods and services in the economy which resulted in the constant and appreciable increase in the general price level of such goods and services. Due to this increase in the supply of money, the purchasing power in the economy increases which results in inflation.
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