Earlier quoted context omitted.
No. That may be a post hoc justification/apologetic for the status quo, but that is definitely not a historically correct model for why we have inflation. In the roman era, there was inflation caused by the cupidity of the emperor who debauched the gold coins by cutting them with silver. In the American revolution we had inflation because the colonies desperately needed to raise funds for the war effort and the Briti…
The reason we have inflation in developed countries today today has literally nothing to do with the historic phenomenon of monetary authorities debasing coinage to pay for stuff, and everything to do with an economic system where "money" in circulation is largely privately created credit, with monetary authorities intervening to maintain a target level of inflation. Central banks are not run by Roman Emperors, they…
Yeah, and that's a completely retarded model of economics. It's a consequence of the field being a giant circle-jerk of professors who cut their teeth in undergraduate classes where your merit was judged by how gnarly a formula you could come up with to prove your prowess at taking derivatives (I say this having been a math tutor at the University of Chicago, and helping econ students with their homework. There was even no concept whatsoever of dimensional analysis, much less error propagation analysis).
How can I say this model is completely retarded? Because there was deflation in the US from 1860 to 1900. And the country recovered from a civil war that decimated the population (literally, 1 in 10 were killed), built up incredible amounts of industry, made several world-changing inventions, emerged as a world power, and began closing the wealth gap.
Central banks are not run by Roman Emperors, they are run by economists - who derive no benefit from inflating a currency
Let me ask you something. Has there ever been a central banker who was part of the bottom 1%? Or have they all come from the top 5%? If it's the latter, they derive benefit from inflating a currency. In any case, this is an inapt comparison. The central banker is not like the caesar, but rather the overseer of the roman mint who instructed the slaves running the coin machine to dope it with silver.