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Inflation is the logicaloutcome of an expansion of the money supply in excess of real output growth. Asthe supply of one commodity increases relative to supplies of all othercommodities, the price of the first commodity must decline relative to theprices of other commodities. In other words, its value in exchange or exchangerate must decline. Similarly, as the supply of money increases relative to thesupply of goods and services, the price of money in terms of goods and servicesmust decline, i.e., the exchange rate between money and goods declines.
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