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While reading through MESwPM I noticed that Rothbards definition of inflation differs significantly from Mises's. Rothbard's- The process of issuing pseudo warehouse receipts or, more exactly, the process of issuing money beyond any increase in the stock of specie, may be called inflation. Mises- In theoretical investigation there is only one meaning that can rationally be attached to the expression Inflation: an increase in the quantity of money (in the broader sense of the term, so as to include fiduciary media as well), that is not offset by a corresponding increase in the need for money (again in the broader sense of the term), so that a fall in the objective exchange-value of money must occur. How did Rothbard deviate from Mises? I find it very strange because usually Rothbard is seen as expanding on Mises but here he has changed his work. I think that both definitions have different ramifications on ABCT but I could be wrong. What does everyone else think?
