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by dnautics
2277 days ago
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Gold mines were not the major cause of inflation during the pre-fiat era. It was almost always deducting the precious metal content of the accepted currency, often to fund things like war. Deflation should be the natural order of things; for example the unit real cost of food had gone down massively since the first half of the 20th century, which is a huge part of why people don't starve to death during recessions anymore. |
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Yes, and it is, for existing unchanging things. But as productivity grows we invent and buy new and improved things.