inflation

Abstract

Inflation typically refers to rising prices. In both ancient and modern societies, inflation is sometimes difficult to identify, measure, and explain with precision. Inflation can occur in the prices of individual goods, the goods and services associated with a particular industry or sector of an economy, or as a macro-phenomenon in which all or most prices in an economy rise. The magnitude of price rises and the duration during which prices stay elevated also have a bearing on how inflation is studied. The ancient world witnessed periods of both slow and steady inflation as well as punctuated surges in prices. Some regions, such as Egypt, offer hundreds of prices, which facilitate quantitative measurements of inflation. In many areas and periods, however, inflation is poorly understood because sufficient numbers of prices do not survive. Scholars, therefore, often use theoretical models and proxy evidence to better understand the nuances and complexity of inflation in classical antiquity.