Absolutely .. Just by capping supply you can only create artificial deflation .. and by over supply it is artificial inflation .. the question really is how many things are actually produced ... is there an abundance of milk , bread , homes or not :-) It is the manufacturing !
Discussion
Monetary policy is not an alternative for manufacturing !
Empires literally collapsed because they were waging war on one side of the empire burning through gold to acquire more through territorial gains , that there was not enough gold at home to pay for simple city services.
Alas, taxes and alas a collapse
Humans have been fighting for ever .. even before currency was discovered or even agriculture.. separate things ..
