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By my thinking:

- price is 0th derivative - inflation is 1st derivative (change in average price) - rate of increase in inflation is 2nd derivative - that rate of increase is decreasing — 3rd derivative

So I think Nixon is talking about a negative 3rd derivative of price. Am I missing one?



Ah, my thinking was that since the "rate of increase" is something changing, Nixon was taking about the next derivative being non-zero. :)




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