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The real war is between monetary policy and the Digital Revolution – between the world of finance trying to reduce the value of money and therefore debt, and the world of technology pushing for greater efficiency and productivity, to drive prices lower and the value of money higher.--something used to facilitate transactions.We use money, not because it has production or consumption utility--the paper or polymer notes we use as money has no interesting element of either--but because it has Nevertheless, money is a good.The US was also in the process of industrialising and incorporating its westward expansion into its economic system.It could import millions of migrants into is cities, and did.
(Throughout this post, .) Hence the UK falling behind the US and Germany in economic growth and industrial modernisation.
German adjustment was helped by higher income growth in the Mediterranean countries; now it is the latter countries who need to do painful adjustments to make the Euro work, Germany is refusing to return the favour of accepting higher nominal income growth via higher inflation.
Applying the lessons of the 1873-1914 apotheosis of the gold standard, and grasping how simple inflation targeting is somewhat like the gold standard, enables us to see what is actually behind the phenomena Kohler is discussing.
To a significant extent, Germany and the US experienced "good deflation" (the downward pressure on prices of expanding output due to expanding, and more efficient use of, inputs).
In other words, their aggregate supply curves kept shifting rightwards (i.e. By the 1870s, Britain was already highly urbanised, highly industrialised and its institutions were about as economically efficient as was achievable without major political pain. So, they experienced more "bad deflation" (downward pressure on nominal income/aggregate demand) due to growth in output of goods and services being higher than growth in the stock of gold.
(The US and UK had similar levels of per capita economic growth for much of the C19th: the US per capita growth rate only shifted above Britain's in the 1870s.) The Euro is like an artificial gold standard.