The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne

Exercise 11

If you are suspicious of the textbook's claim that inflation is not a rise in the cost of living but merely a fall in the value of money, ask yourself how inflation could occur in a society that did not use money, but relied exclusively on barter. What form would inflation take in such a society? How would you recognize it?