Under Austrian orthodoxy, the money supply works in extraordinarily predictable ways: namely, if you increase it, inflation follows. Austrians have always defined inflation solely as an increase in the money supply.
A quick point: yes indeed “Austrians have always defined inflation solely as an increase in the money supply.” But then again, so did everyone else. I’ve discussed this before:
That this definition is less common today is a direct consequence of what can only be considered many years’ worth of Orwellian language restructuring [by the neo-Keynesians and monetarists*]. As I previously explained, “Inflation was and is definitionally printing money, or more specifically inflating the money supply. By divorcing the word from its literal origins, [central planning apologists] cloud the direct effect between money printing and the value of money.”
This is not unlike suddenly using the word dog to instead refer to dog piss.
*in case my point wasn’t already clear, this refers to most modern-day Keynesians and monetarists
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