History
The concept of core inflation as aggregate price growth excluding food and energy was introduced in a 1975 paper by Robert J. Gordon. This is the definition of "core inflation" most used for political purposes. Core inflation was also developed and advocated by Otto Eckstein, in (Eckstein 1981).
Read more about this topic: Core Inflation
Famous quotes containing the word history:
“As History stands, it is a sort of Chinese Play, without end and without lesson.”
—Henry Brooks Adams (1838–1918)
“There has never been in history another such culture as the Western civilization M a culture which has practiced the belief that the physical and social environment of man is subject to rational manipulation and that history is subject to the will and action of man; whereas central to the traditional cultures of the rivals of Western civilization, those of Africa and Asia, is a belief that it is environment that dominates man.”
—Ishmael Reed (b. 1938)
“The history of work has been, in part, the history of the worker’s body. Production depended on what the body could accomplish with strength and skill. Techniques that improve output have been driven by a general desire to decrease the pain of labor as well as by employers’ intentions to escape dependency upon that knowledge which only the sentient laboring body could provide.”
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