[crypto420]

It most definitely does.

If money is a medium for people to convert goods and services from one form to another, then in a technologically advancing world where things become cheaper in terms of SI units, we should expect the value of money (relative to other items) to become higher, or for goods and services to become so cheap that we don't even bother about their prices.

In a technologically stagnating economy, we can expect the opposite: we can expect that if technology becomes worse off, then the value of money will get worse and the same physical item will become less valuable i.e will cost more in money. We see this happening with oil prices which are at the heart of energy intensive economies - gasoline is MORE expensive than in the 1970s even when adjusted for inflation. Same goes for other goods central to the economy, such as housing, healthcare and food. The more likely outcome is that to artificially stimulate the economy, central banks will keep printing more money and devalue goods in a never ending cycle. The only things that can really save us is technology that can make things cheaper.

https://www.usinflationcalculator.com/gasoline-prices-adjust...

It seems that Peter Thiel's ideas of a technologically stagnating society are making more and more sense.