David, the beautiful thing about that moronic line — that Ron Paul’s definition of inflation is a “neologism” — is how utterly wrong and backward it is.  Dr. Paul’s definition is in fact “old and venerable,” according to Joe Salerno, a monetary economist who knows slightly — slightly, I say — more than Kenneth Silber about the history of economic thought.  The “rising prices” definition is the neologism.

The Best of Tom Woods