D. Murali

IT HAPPENED in a crowded bus that Mr Common Man found suddenly that his wallet was empty. Even as he was trying to figure out how he lost money, his neighbour in the seat said, sympathetically, "I'm sorry." This enrages Common Man and he grabs his neighbour by the collar and shouts: "I thought it was the inflation!"

Another story that you may find among Osho's lectures is about Margaret Thatcher at Ronald Reagan's ranch. Both are talking and riding horses when one of the animals breaks wind. In true British tradition, Ms Thatcher says, "Oh, sorry." Reagan dismisses the apology with a wave of hand and says: "Thought it was the horse."The two stories are related because `inflate' owes its origin to Latin inflare, literally "to blow into," from flare, "to blow", while flatulent is from modern Latin flatulentus, from Latin flatus "blowing, blast," from flare "to blow". Flatus is intestinal gas, explains Encarta. It is "produced in the digestive system by bacterial fermentation and contains high amounts of hydrogen sulphide and methane." No wonder inflation causes as much inconvenience.

"Inflation is a general increase in prices in an economy and consequent fall in the purchasing value of money," defines the Oxford Dictionary of Business, before it moves on to inflation accounting, which is a method to factor in changes in the value of monetary unit.

Inflation is "the rate at which the general level of prices for goods and services is rising," defines Bloomberg Financial Glossary. It is "the proportionate rate of change in the general price level, as opposed to the proportionate increase in a specific price," explains Quanto Financial Technology.

"Inflation is usually measured by a broad-based price index, such as the implicit deflator for Gross Domestic Product or the Consumer Price Index". Most countries' central banks will try to sustain an inflation rate of between 2-3 per cent, informs www.Investopedia.com. "In inflation everything gets more valuable except money," is a down-to-earth statement in www.rhymezone.com.

Inflate, as the Concise Oxford English Dictionary defines, is to "expand or cause to expand by filling with air or gas". According to medical dictionaries, inflation is distention (or swelling) with air, gas, or a fluid. It is "the state of being puffed up, as with pride; conceit; vanity," notes Ben Jonson. Thus, not only are vehicle wheels inflated but also grand egos. Infoplease adds: inflated prose is turgid or bombastic; and inflated costs, as perhaps what the oil companies are trying to show their Minister, are "unduly increased in level."

Earlier, flatulent meant "pretentious without substance or reality; puffy; empty; vain; as, a flatulent vanity," explains Webster's 1913 Dictionary. "He is too flatulent sometimes, and sometimes too dry," is a Dryden quote, to illustrate.

"Inflation is a matter of concern always," the Finance Minister has said, adding that it is a beast to be killed. It seems he has also advised: "Do not pay high prices if you feel the prices are high." On his part, the RBI Governor, Dr Y. V. Reddy, has been assuring us that the central bank is monitoring the developments on the inflation front carefully, and would take appropriate steps `in a measured manner'.

All this could make inflation news sound like a report on the efforts to nab a panther-on-the-loose, mauling on the run. But inflation is not all that bad as it is made out to be. The Columbia Encyclopaedia informs that inflation "stimulates business and helps wages to rise, but the increase in wages usually fails to match the increase in prices; hence, real wages diminish".

Also, "Stockholders make gains — often illusory — from increased business profits, but bondholders lose because their fixed percentage return has less buying power. Borrowers also gain from inflation, since the future value of money is reduced."

It may deflate your interest that Shakespeare hasn't used `inflation' or `inflate' in his works. However, synonyms of inflate, such as amplify, billow, and blow up find mention. Thus, in King Lear, Edgar says: "To amplify too much, would make much more." And the Queen would say in Cymbeline: "Unless thou think'st me devilish — is't not meet that I did amplify my judgment in other conclusions?"

Billow is more popular, more associated with the waters. So, in Pericles, Prince of Tyre, you come across First Servant saying: "I never saw so huge a billow, sir." Inflation is not in double-digits yet and you may desist from calling it huge; when that happens, King Henry V may become apt, for you would "stand upon the ravage and behold a city on the inconstant billows dancing."

Are you looking for some way to finish off inflation? Remember All's Well That Ends Well, where Helena asks: "Bless our poor virginity from underminers and blowers up! Is there no military policy, how virgins might blow up men?" Parolles replies: "Virginity by being once lost may be ten times found; by being ever kept, it is ever lost: `tis too cold a companion; away with `t!"

If you were to substitute inflation and economy in the place of men and virgins, respectively, it would appear we are better off coming to terms with inflation, after all.

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