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:
“In the history of the human mind, these glowing and ruddy fables precede the noonday thoughts of men, as Aurora the suns rays. The matutine intellect of the poet, keeping in advance of the glare of philosophy, always dwells in this auroral atmosphere.”
—Henry David Thoreau (18171862)
“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)
“... in America ... children are instructed in the virtues of the system they live under, as though history had achieved a happy ending in American civics.”
—Mary McCarthy (19121989)