Inflation - A Commerce Journey - Ep-4

Inflation

What is inflation? When does it apply?, what are its uses?, Is it bad or good?...

These are just some of the questions that may come to mind when we talk about inflation, inflation is a general increase in prices and fall in the purchasing power of money, it is one of the MOST crucial things to keep in mind when studying or controlling an economy, inflation when uncontrollable is called hyper-inflation. This is extremely bad as it causes the value of items to skyrocket and the value of money to fall, this means that the amount of money you make is now worth less than what it was before the incident.

In hypixel skyblock hyperinflation is the most pressing issue in the economy at the moment, it can be seen by studying just a few graphs. For example, item A's price in 2022 was 35 million coins, now worth 290 million. This shows that inflation in the hypixel skyblock economy is out of hand. Real-life inflation can also get out of hand, and it already has! For example: The Iranian Rial (IRR) is worth nothing compared to any widely used currency for trading such as the American dollar, for reference 1USD = ~42000IRR or 1IRR = 0.000042USD. This occurred due to an excessive supply of money due to the abundant pushing of currency into the economy, as well as sanctions In response to Iran's continued illicit nuclear activities, the United States and other countries have imposed unprecedented sanctions to censure Iran and prevent its further progress in prohibited nuclear activities.

To determine the education around inflation, I created a mass survey that accumulated over 150 responses to analyze the information people have gained over the years.

Let's begin analyzing - 

The above is the general statistics of the people's gender with males being 66.5% and females being 31.3% and the last 2.2% being others and prefer not to say-s.

Here we have the age statistics with the percentiles being -

1. 41.3% - 25-40
2. 38% - 40+
3. 7.3% - 15-18
4. 6.7% - 10-15
5. 6.1% - 18-25 

That concludes age.

The above statistic asks whether the person has heard of inflation. The percentiles are an amazing 97.2% for yes and a measly 2.8% for no and unsure.

For this question, we had an astonishing 179 responses.

Reading all of these responses gave a broad impression of how people around the world interpret the meaning of inflation.

Here are some more responses - 

After reading all the responses, it has become clear that the literacy surrounding inflation varies greatly due to factors such as Age, Country, Occupation, etc.

Surprisingly over 65% of the responses have studied inflation! That is pretty amazing considering the ages involved.

Lastly for this Episode - 

This question was to analyse the level of studies that people have done on inflation, Over 25% know what it is which is amazing considering the age base that our form has.

and 27% of the people combined have either studied it extensively or professionally, which is a huge accomplishment! and 46% have learnt about it through classes most likely taken during school or college.

Stay Tuned for Episode 5 and part 2 of the episode on inflation!