But it is a property of the money. Part of the reason why inflation is a policy is that it supposedly creates jobs, which is why professional economists fret about stagflation threatening their vaunted models. The way that inflation theoretically props up jobs is by reducing the real value of labor[0]... So wage erosion is fundamental raison d'être of the currency.

A cynic would argue that the policy works because a good way to enforce employment is by forcing people to stay afloat.

[0] https://krugman.blogs.nytimes.com/2010/02/13/the-case-for-hi...