You may be interested in reading about the history of the quantity theory of money, particularly the disputes about it in the 19th century. In particular, the

You may be interested in reading about the history of the quantity theory of money, particularly the disputes about it in the 19th century. In particular, the British "Banking School" was opposed to the quantity theory of the "Currency School". The Banking School claimed that inflation was cost driven, that interest rates were one of the costs of doing business, so that raising rates would increase costs which would increase prices. While superficially reasonable, this argument was destroyed Wicksell [1] who provided a more careful economic model which made it clear that rate-driven cost-push inflation was not at all plausible as a sustained cause of inflation. [1] https://www.richmondfed.org/-/media/richmondfedorg/publications/research/economic_quarterly/1997/fall/pdf/humphrey.pdf https://www.richmondfed.org/-/media/richmondfedorg/publicati...