Question

Distinguish between semi inflation and pure inflation as pointed out by lord Keynes ​

Answer 1

Answer:

Explanation:

Keynes does not deny that prices may rise even before full employment but such a phenomenon he called 'semi-inflation' or reflation, or 'bottleneck inflation'. ... Paish thinks of inflation as an essentially a monetary phenomenon. He related the phenomenon of inflation to a rise in money incomes rather than in prices.