Many years ago I tried to explain this by considering a hypothetical world of perfectly flexible prices and a fixed money supply.

多年以前我曾以一种完全价格弹性和固定货币供给的假想世界模型对此做过解释。

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Whenever excess demand hits, the goods whose prices rise first are ones with flexible prices, of which commodities are the prime example.

每当需求过剩的时候，最先涨价的总是价格灵活的商品，其中最主要的就是大宗商品。

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To do this he had to reduce prices and offer more flexible contracts.

为此，他不得不降低价格，并提供更灵活的合作合同。

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In the event that relative prices have to adjust, forcing flexible prices to move causes no great distortion, because they adjust easily.

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There are limits to monetary policy: the Fed does not have the knowledge to bring about full employment, which requires flexible relative prices for all factors of production.

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If the prices of vegetables, fruit and other crops are more flexible than other prices, food inflation may be an early warning of an overheating economy.

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