On andrews questions about monetary inflation.
Standard measures of inflation are based on the idea
that under inflation free conditions a unit of currency
will purchase the same basket of goods from year to year.
If this takes place under conditions of rising labour
productivity, a zero inflation rate in the conventional sense
would still represent a decline in the value of money of n%
where n is the rate of growth of labour productivity.
Thus, from a labour value standpoint, the orthodox measure
of inflation is an underestimate.