Oddbean new post about login | logout Paper was detached from gold to allow for a growing money supply to support a growing economy.
money supply need not to expand to support a growing economy.
It does, otherwise prices won't be stable.
these are ideas created in a world pre technology. Technology is inherently deflationary, which makes every dollar pay for more over time. What's the incentive to keep prices stable in contrast to the natural decrease in prices due to technology?