Doesn't M0/1/2/3 have to keep up with population growth? I'm no economist, but dividing the S&P by M3 seems like a category error. In the US, we've got 130 mill

Doesn't M0/1/2/3 have to keep up with population growth? I'm no economist, but dividing the S&P by M3 seems like a category error. In the US, we've got 130 million more people than we did in 1970, and 50 million more than we did in 2000.