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Until the 1950s, the word "inflation" had hideous and  
explosive implications for most economists.  During the  
course of that decade, the word came to mean simply a mild  
increase in the price level that would bring faster growth  
and lower unemployment.  Several leading economists of the  
time campaigned to change the meaning of the word  
"inflation"; the old meaning was perceived as an obstacle  
to "modern" economic policy advice. 
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Robert Leeson 
Bradley Fellow and Visiting Associate Professor 
Economics Department 
Social Science Centre 
The University of Western Ontario 
London, Ontario, Canada, N6A 5C2 
 
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