chapter  30
11 Pages

World hyperinflations

BySteve H. Hanke, Nicholas Krus

Regardless of how far the study of economics has advanced, the disorderly and ambiguous terminology cited by Eugen von Böhm-Bawerk over a century ago still exists. For example, Friedrich Hayek complained about the kaleidoscope of definitions surrounding the word “capital” (1941). Fritz Machlup also emphasized this point in Economic Semantics (1991), with a call for clarity in definition. It is only after analysts – armed with first principles – develop definitions and classification systems that data can be properly collected, sorted, and analyzed, in a way that can be replicated.