The classical view of inflation ■ The classical view: A change in the price level is merely a change in the units of measurement. So why,then,is inflation a social problem? CHAPTER 7 Money and Inflation slide 43 CHAPTER 7 Money and Inflation slide 43 The classical view of inflation ▪ The classical view: A change in the price level is merely a change in the units of measurement. So why, then, is inflation a social problem?