Talk:Money supply
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Hard to know where to draw the line on this topic. Basically it's controlling inflation to the right, and measuring well-being to the left, and never the twain shall meet, as it's a zero-sum game. To some on the left, even inflation has a legitimate purpose, in diluting the value of the money held by idle capitalists, which they earned by exploiting loopholes in prior systems of rules...
- Hard to fault the way the article handles it now - the major views (GDP is evil, GDP is the only way to actually measure activity people are willing to pay for and has good correlation to employment, currency integration and simultaneous policy to alleviate the race to the bottom) are all there, basically, although they need me depth and links. Your point about the legit purpose of inflation should be in there, too. Before Milton Friedman it was commonly acknowledged on the right too.
Changing measuring GDP To measuring well-being is like changing the weight calculation of a person from the actual force of gravity upon them to an aggregate including their compassion and contribution to the community. So instead of weighing 200lbs, I weigh 170 social weight units because I have participated in volunteer programs and given to the United Way. Therefore, you are not allowed to view me as fat or even suggest that I may suffer heart disease or go over the weight limit for your small private plane. The point I'm trying to make here is that GDP and money supply are simply measures of economic activity not measures of ethical values. There are other indexes like the Human Development Index that are subjective measures of social progress that already exist. Trying to replace GDP is merely confusing the issue by applying a dialectic process to try and resolve an uncomfortable dualism such as Social progress vs. economic progress.