I'd like to comment on inflation being presented as a "destruction of economic value".
Economic value can't actually be destroyed since markets price everything relative to everything else based on supply and demand.
In that model inflation doesn't destroy economic value. It may reduce the purchasing power for those holding cash but on the other side of the ledger we have the thing the cash would purchase, which has 'inflated' such as assets.
That means inflation didn't destroy any economic value it just transferred it from cash holders to asset holders.
Even if you destructively demolished a house, you don't destroy any economic value since you have just reduced the housing stock (supply) which automatically transfers that value to the remaining housing stock holders.
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I'd like to comment on inflation being presented as a "destruction of economic value".
Economic value can't actually be destroyed since markets price everything relative to everything else based on supply and demand.
In that model inflation doesn't destroy economic value. It may reduce the purchasing power for those holding cash but on the other side of the ledger we have the thing the cash would purchase, which has 'inflated' such as assets.
That means inflation didn't destroy any economic value it just transferred it from cash holders to asset holders.
Even if you destructively demolished a house, you don't destroy any economic value since you have just reduced the housing stock (supply) which automatically transfers that value to the remaining housing stock holders.