the additional interest required by lenders as compensation for the risk that a borrower may default; more generally, the extra return required to compensate an investor
Sacrifice ratio 牺牲率
The number of percentage points of annual output that is lost in the process of reducing inflation by one percentage point
Scarcity 希缺性
The limited nature of society’s resources
Shoeleather costs 皮鞋成本
The resources wasted when inflation encourages people to reduce their money holdings