Different definitions of Inflation

Inflation has been defined in different ways by different economists. In general inflation is a situation whereby there is a continuous and persistent rise in the general price level.
Following are some important definitions of inflation.

Silvorman:
"Inflation is the name given to the expansion of the money supplies whether in currency or credit in the excess of the amount justified by the government for the trade."

Pigou:
"Inflation exists when income is expanding more than in proportion to the income earning activities."

Hanson:
"Inflation is present when the volume of purchasing power is persistently running ahead of the output of goods and services so that there is a continuous tendency for prices both for commodities and factors of production to rise because the supply of goods and services and FPO's fail to keep pace with demand for them."

Ackely:
"A persistent and appreciable rise in the general level or average of prices."

Meyer:
"An increase in the prices that occurs after full employment has been attained."

Coulbourn:
"In inflation, too much money chases too few goods."

Crowther in his famous An outline of Money:
"In the state of inflation the prices are rising i.e., the value of money is falling."

Milton Friedman:
"Inflation is and can only be produced by increasing the quantity of money faster than the increase in outputs."