Editing Inflation (section)

===Heterodox views===

Additionally, there are theories about inflation accepted by economists outside of the [[mainstream economics|mainstream]]. The [[Austrian School]] stresses that inflation is not uniform over all assets, goods, and services. Inflation depends on differences in markets and on where newly created money and credit enter the economy. [[Ludwig von Mises]] said that inflation should refer to an increase in the quantity of money, that is not offset by a corresponding increase in the need for money, and that price inflation will necessarily follow, always leaving a poorer nation.<ref>{{cite web |last1=Mises |first1=Ludwig von |title=Human Action |url=https://oll.libertyfund.org/quote/ludwig-von-mises-lays-out-five-fundamental-truths-of-monetary-expansion-1949 |website=OLL |access-date=July 17, 2021 |archive-date=September 25, 2021 |archive-url=https://web.archive.org/web/20210925084337/https://oll.libertyfund.org/quote/ludwig-von-mises-lays-out-five-fundamental-truths-of-monetary-expansion-1949 |url-status=live }}</ref><ref>{{cite book|last=Von Mises|first=Ludwig|title=The Theory of Money and Credit|year=1912|publisher=Yale University Press|page=240|url=https://mises.org/books/tmc.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://mises.org/books/tmc.pdf |archive-date=2022-10-09 |url-status=live|edition=1953|access-date=January 23, 2014|quote=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 demand for money (again in the broader sense of the term), so that a fall in the objective exchange-value of money must occur.}}</ref><ref>The Theory of Money and Credit, Mises (1912, [1981]), p. 272.</ref>