@darioperkins This is scientism in action. Many interacting variables at work=no cet.par. Money definition shifts & is often confused with (esp. saved) credit. Institutions change. Growing eco-complexity adds more intermediate transactions per unit output. CPI basket not comprehensive.....
@darioperkins ...sometimes an eco-impulse calls forth more money/credit (esp. "New Eras"): sometimes v-v. Cantillon effects matter greatly not least in Unicorn, "serial" con-trepreneur Ponzi times when new infusions pay for past losses....
@darioperkins ...but, ultimately, for there to be more than *relative* price shifts on any lasting schedule, the money relation must change, generating a perceived excess which society makes a foredoomed attempt to dissipate thru ever more indiscriminate spending....
@darioperkins ...In fine, the empirical difficulties of showing a link as two co-moving chart squiggles does NOT disprove the deductive argument that "inflation" can not occur without monetary overabundance...
@darioperkins PS: I left out the caveat that effects can be displaced across borders. Eg, Angloworld goods prices dampened but Chinese non-tradables (RE) soar. But if you DO want a passably good co-squiggle, try this:- 
@darioperkins @threadreaderapp please unroll
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