The New Inflation, How to Detect It from Beginning to End (1941) by Owen Taylor
Alanpuri Trading, Los Angeles, CA, U.S.A., 2013. Softcover, reprint, exact facsimile of the original 1941 first edition.
Contents: An extremely rare work by Owen Taylor who was best known for his work on “Point & Figure Technique.” This 25 page paper, first published in 1941, focuses on how to identify inflationary periods prior to hyper-inflationary periods by charting specific U.S. Labor Statistics against Raw Material Costs. My favorite part of this book is Taylor’s reminder to the reader of the TRUE definition of “Inflation.” He cite’s The second edition of the New Merriam_Webster International Dictionary as follows: (Keep in mind this was 1941) IN-FLA-TION – 2. Disproportionate and relatively sharp and sudden increase in the quantity of money or credit, or both, relative to the amount of exchange business. Such increase may come as a result of unexpected additions to the supply of precious metals, as in the period following the Spanish conquests in Central and South America or the period following the opening of large new gold deposits; or it may come in times of business activity by expansion of credit through the banks; or it may come in times of financial difficulties by governmental issue of paper money without adequate metallic reserve and without provision for conversion into standard metalic money on demand. In accordance with the law of quantity theory of money, inflation always produces a rise in price level.” — Fast forward to our modern times, and it is clear that understanding and definition has morphed to the “symptoms” of inflation and not the core cause and act of inflation. Merriam-Websters’ online now cites the definition as, “a continuing rise in general prices level usually attributed to an increase in the volume of money and credit relative to available goods and services. — The better definition came in 1941. — 25 pp.
Extremely Scarce Title and Content from one of the fathers of Point & Figure Technique.
The New Inflation, How to Detect It from Beginning to End by Owen Taylor, 25 pp.