1. In his book, Sen raised the theoretical possibility that a pastoralist‘s supply curve might actually bend back on itself÷ as the relative price of livestock falls, a hungry pastoralist might supply more animals to the market, not fewer as elementary economic principles would imply.

2. There is no single variable that could explain Turkey‘s impressive economic performance in recent years, given that a variety of factors, ranging from fiscal consolidation and central bank independence to the advent of greater globalization and productivity growth, have all contributed to the upward shift of the supply curve and to disinflation.

3. Although his assessment is based on structural factors such as a productivity–driven shift of the supply curve and drop in unit labor costs, and greater integration with the global economy, the analyst remained mindful of the effect of volatility on consumer spending.

4. For example, inflation benefits borrowers at the expense of lenders, especially, if lenders are unable to raise interest rates as is true in Saudi Arabia (riyal interest rates are tied to US dollar rates). Inflation also may not hurt some segments of businesses or consumers, depending on its source, e.g., (1) cost push, or (2) demand pull (The former is a shift in the supply curve, and the latter is a shift in the demand curve). Cost–push inflation in Saudi Arabia is due to the rising cost of euro–denominated imports in line with euro depreciation, and rising commodity prices (steel, energy, raw materials). Wage inflation is minimal in Saudi Arabia because most private sector workers are low–cost expats, and employers can switch to cheaper source countries.