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Tag: Hyperinflation
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Inflation
The inflation rate is a measure of the increase in asset prices, measuring the percentage change in the average price level from the previous year. Where a positive inflation rate means rising prices, a negative inflation rate means falling prices, and a declining positive inflation rate means rising prices at a…
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Commodity Money – P.O.W Camp
The Economic Organization of a P.O.W Camp by R. A. Radford in 1945 describes the economy confined within the German prisoner of war camps. “An unusual form of commodity money developed [were cigarettes] in some Nazi prisoner of war (POW) camps during World War II.” (Mankiw, 2010) Commodity money has…