Significance
If, indeed, a price-level component could be distinguished, then it would be possible to measure the difference in overall prices between two regions or intervals. For example, the inflation rate could be measured as
and “real” economic growth or contraction could be distinguished from mere price changes by deflating GDP or some other measure.
Read more about this topic: Price Level
Famous quotes containing the word significance:
“For a parent, it’s hard to recognize the significance of your work when you’re immersed in the mundane details. Few of us, as we run the bath water or spread the peanut butter on the bread, proclaim proudly, “I’m making my contribution to the future of the planet.” But with the exception of global hunger, few jobs in the world of paychecks and promotions compare in significance to the job of parent.”
—Joyce Maynard (20th century)
“To grasp the full significance of life is the actor’s duty, to interpret it is his problem, and to express it his dedication.”
—Marlon Brando (b. 1924)
“History is the interpretation of the significance that the past has for us.”
—Johan Huizinga (1872–1945)