Used in place of the word ‘inflation’ by individuals who do not understand macroeconomic principles. Alleges that prices rise due to greedy corporate leaders rather than excessive additions to the money supply.
Uneducated individual: “Wow man, egg prices went up again. I’m tired of all this greedflation!
College graduate: “Are you sure it’s due to corporate greed and not the 5 trillion dollars we added to the money supply recently?”
Fogey/fogy /fougi/ sl. (early 18C+, orig. Scot) old-fashioned, stuck-in-the mud.
Person with old fashioned ideas which he is unwilling to change: Come to the disco and stop being such an old fogey!
You think me an old fogeyand an old tory, his thoughtful voice said. I saw three generations since O’Connel’s time. I remember the famine. Do you know that the orange lodges agitated for repeal of the union twenty years before O’Connel did or before the prelates of your communion denounced him as a demagogue? You fenians forget some things. (James Joyce, Ulysses. Penguin Books,1992. p. 38)