Given that we are living in a technology fueled, exponential deflationary economy, what are his thoughts about how an inflation (CPI) target might consequently and necessarily result in inversely exponential monetary expansion and subsequent government growth?
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Discussion
Interesting to look at it from the government growth perspective… i.e. does the State become even more bloated, or is it at some point forced to trim the fat.
After I read his book one of the primary conclusions that I added to my economic mental framework is, given that technology is exponentially deflationary, a fixed, positive CPI target will necessarily result in exponential money printing just to keep prices increasing rather than decreasing.