@PSchearer- The idea that there is no inflation under the gold standard is a myth. In the long run, inflation is slightly less under the gold standard. There is some inflation because new gold is mined & minted.
In the short run, the swings of inflation & deflation are horrendous with a gold standard. I’d rather not return to the 19th Century & the double digit swings of inflation from year to year. Average folks were hammered by these wild swings in the price of goods. This is why Keynes referred to it as a ‘barbaric practice.’
@PSchearer- The idea that there is no inflation under the gold standard is a myth. In the long run, inflation is slightly less under the gold standard. There is some inflation because new gold is mined & minted.
In the short run, the swings of inflation & deflation are horrendous with a gold standard. I’d rather not return to the 19th Century & the double digit swings of inflation from year to year. Average folks were hammered by these wild swings in the price of goods. This is why Keynes referred to it as a ‘barbaric practice.’