There has been some buzz in the blogosphere lately about us wacky Austrians and our idiosyncratic definition of “inflation.”

http://consultingbyrpm.com/blog/2013/08/austrians-are-not-redefining-inflation.html

In this post I want to make two points:

(1) Contrary to the assertion of Blackadder, the Austrians are not “redefining words” for ideological purposes. We claim that there was an ideological redefinition in the past, which we are trying to undo! Here’s Mises (quoted by Catalan) from Human Action: