> Mankind came to what it is 99.9% of time without artificial devaluation. Because productivity was practically constant for this 99.9% of human history. There

> Mankind came to what it is 99.9% of time without artificial devaluation. Because productivity was practically constant for this 99.9% of human history. Therefore the monetary base could be practically constant, too. With the industrial revolution, growth became obviously exponential. Have a look at the following graph (nominal GDP): http://3.bp.blogspot.com/_VO-2HbQsbSU/S9BbLF6MxBI/AAAAAAAAARw/ctyCSuzVJdA/s1600/PubDebtGDP.bmp http://3.bp.blogspot.com/_VO-2HbQsbSU/S9BbLF6MxBI/AAAAAAAAAR... Or this one (real gdp): https://ourworldindata.org/uploads/2013/11/GDP-per-capita-in-the-uk-since-1270.png https://ourworldindata.org/uploads/2013/11/GDP-per-capita-in... Inflation means the value of money stays coupled to the changes in GDP, just as in the millenia you apparently value for exactly this constant money <> gdp relationship.