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Why Do We Call It Inflation?

      Boyle’s Law has something to do with it.

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President Biden calls it Putin’s inflation. Federal Reserve Board chair Jerome Powell says the problem began with the pandemic. Harvard University economist Lawrence Summers blames the Fed.  Who’s right?  Some 250 years of interplay between the science of pneumatics and its technological applications were the background against which economist Irving Fisher, in 1928, expanded the modern usage of the term “inflation” to mean something more than rising prices. Fisher is not a bad place to begin to look for an answer. Arguments about whether or not such a thing as a vacuum can exist; quicksilver (meaning mercury); barometers; j-tubes; air