Significance
If, indeed, a price-level component could be distinguished, then it would be possible to measure the difference in overall prices between two regions or intervals. For example, the inflation rate could be measured as
and “real” economic growth or contraction could be distinguished from mere price changes by deflating GDP or some other measure.
Read more about this topic: Price Level
Famous quotes containing the word significance:
“The hysterical find too much significance in things. The depressed find too little.”
—Mason Cooley (b. 1927)
“The hypothesis I wish to advance is that ... the language of morality is in ... grave disorder.... What we possess, if this is true, are the fragments of a conceptual scheme, parts of which now lack those contexts from which their significance derived. We possess indeed simulacra of morality, we continue to use many of the key expressions. But we have—very largely if not entirely—lost our comprehension, both theoretical and practical, of morality.”
—Alasdair Chalmers MacIntyre (b. 1929)
“History is the interpretation of the significance that the past has for us.”
—Johan Huizinga (1872–1945)