lol.
> Defining inflation as a function of supply distracts us from the real-world problems causing broad-based increases in price.
price is a function of supply and demand already. you don't need to redefine inflation unless you're trying to dupe feeble-minded rubes.
The "supply of currency units" is a fundamentally inadequate measure to capture this. It is too simplistic. Nobody takes it seriously except for a small group of very vocal online crackpots because it is so obviously unfit for purpose. [1]
We re-defined it as our understanding grew. The way we update practically any model in the face of new evidence.
Japan single-handedly demolishes the Austrian model. Their M2 supply grew 3X from 1990 to present but inflation remained 0% measured over thirty two years. Prices did not change from 1990 to 2022. [2, 3]
[1] https://www.pragcap.com/understanding-why-austrian-economics...
you're again conflating price and monetary inflation. and again mixing in somebody else's prejoratives to flavor your discussion of their topics.
here's a link [1]
> The idea that inflation is anything other than an increase in the supply of money is an intentionally confounding theoretical device with no basis in reality.
If you have 1 burger that you'd pay $10 for, and someone makes a second burger, does that make each one worth $5? No, of course not.
For instance, supply chain disruptions making basic goods more expensive and increasing competition for them. Or, zoning policy prohibiting construction of new housing sufficient to meet demand in high-growth metro areas raising the cost of housing. Or zoning policies in suburban areas making housing 2x bigger on average now than in the 1970s. [1]
Defining inflation as a function of supply distracts us from the real-world problems causing broad-based increases in price.
[1] https://fee.org/articles/new-homes-today-have-twice-the-squa...