From what I’ve seen, these claims seem to be based on the assumption that there has been an average annual inflation rate of 3% since the 1600s. That assumption

From what I’ve seen, these claims seem to be based on the assumption that there has been an average annual inflation rate of 3% since the 1600s. That assumption works in the 20th century, but by 17th century theories on monetary policy, a 3% inflation rate would have likely been cause for panic.