Our perception that inflation is the normal condition is no more than a reflection of the experience of people alive today. In 1913, unlike now, a pound or a dollar would have bought the same goods as a century earlier. The longest semi-official price series we have reports a 140 fold rise in prices in the UK since 1750 — but even then all the increase up to 1938 is accounted for by inflation during the Napoleonic and first world wars. Indeed, while the price level roughly doubled during both these episodes, it fell slightly over the rest of the period.
我们对于通胀是常态的观念，只是反映了当今在世的人们的经验。不同于现在，1913年时1英镑或1美元能够买到与一个世纪前同样的商品。我们拥有的最长的半官方价格序列显示，自1750年以来英国物价上涨了140倍，但即便如此，截至1938年的所有上涨均可归因于拿破仑战争以及第一次世界大战期间的通胀。的确，尽管物价水平在这两次战争期间大致都翻了一番，但在其他时期略有下降。
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