当经济扩张时，需求似乎超过供给，特别是需要时间和主要资本来增加供应的商品和服务。因此，价格普遍上涨（或至少存在价格压力），特别是对于无法快速满足增长需求的商品和服务，如城市中心的住房（相对固定的供应），高等教育（需要时间来扩大/建设）新学校，但不是汽车，因为汽车工厂可以快速起步。相反，当经济收缩（即衰退）时，供应最初超过需求。这表明价格会有下行压力，但大多数商品和服务的价格都没有下降，工资也没有下降。为什么价格和工资似乎在向下方向“粘性”？对于工资，企业/人类文化提供了一个简单的解释 – 人们不喜欢减薪……管理者倾向于在减薪之前裁员（尽管存在一些例外）。也就是说，这并不能解释为什么大多数商品和服务的价格都没有下降。为什么货币有价值，我们看到价格水平（通货膨胀）的变化是由于以下四个因素的综合作用。
When the economy expands, demand seems to outstrip supply, especially goods and services that require time and major capital to increase supply. As a result, prices generally rise (or at least price pressures), especially for goods and services that cannot quickly meet growth needs, such as housing in urban centers (relatively fixed supply), higher education (takes time to expand/build) new schools But not a car, because the car factory can start quickly. Conversely, when the economy shrinks (ie, declines), supply initially exceeds demand. This suggests that there will be downward pressure on prices, but the prices of most goods and services have not fallen, and wages have not declined. Why do prices and wages seem to be “sticky” in the down direction? For wages, the corporate/human culture provides a simple explanation – people don’t like pay cuts… Managers tend to lay off employees before pay cuts (although there are some exceptions). In other words, this does not explain why the prices of most goods and services have not fallen. Why money is valuable, we see that the change in price level (inflation) is due to the combined effects of the following four factors.