I dunno I think it taps into some kind of lizard brain thing in a lot of people. People who objectively benefit from an inflationary economy stay hate paying more for shit.
What's even more amazing is someone dug up a menu from 2003, and Outback must have changed its target demographic over that period, because the prices were nearly the same.
They're intrinsically valuable, unlike fiat money, which will be of no use when society collapses and I need a reliable, fixed medium of exchange respected by everyone.
Me: worrying that hedonic adjustments in CPI overstate the welfare gains from technological advances, especially for positional goods.
Tik Tokers: if you take real wages in 1933 and adjust for inflation, you’ll see that, by the government’s own data, we are poorer than during the Dustbowl.
There's a pretty convincing argument that a long-term surplus will result in inflation if it pinches aggregate supply; Keynes was looking at a few short years of the business cycle, but there are longer term trends that will assert themselves if you use Keynesian policy indefinitely
Keynes acknowledged this, though I can't remember how clearly he agreed with it, and argued it was no reason not to act in a crisis, but was MUCH more conservative when advising the Allied government on setting up the Bretton Woods system of international finance for the long term
