LYCOS RETRIEVER 
Inflation: People
built 231 days ago
In the short-run these draconian measures may have curbed inflation but in the long-run the results were disaster. Merchants stopped selling goods but this led to penalties against hoarding. People went out of business but Diocletian countered with laws saying that every man had to pursue the occupation of their father. The penalty for not doing so was death. This was justified on the basis that leaving the occupation of ones father was like a soldier deserting in time of war. The effect of this was to turn free men into serfs.
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The two oil shocks did result in higher inflation. But equally damaging was the relative price change. Oil was used pervasively to fuel machinery and other technology operated by workers; so when the price of oil went up, the productivity of many American workers fell and their real wages shrank. People today may confuse the experiences of the 1970s -- falling wages, gas rationing, and the redistribution of income -- with the effects of any rise in the general price level.
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People usually refer to inflation when they talk about the prices of large-ticket items, like cars and houses and stocks. But inflation ... affects things like groceries and house supplies. It can also affect things like house payments and rent.
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Shoe leather costs: Because the value of cash is eroded by inflation, people will tend to hold less cash during times of inflation. This imposes real costs, for example in more frequent trips to the bank.
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