Comments by "JP 72" (@739jep) on "Why Paul Krugman is wrong: Austrian Economics vs Keynesian Economics | Saifedean Ammous" video.

@thefinstasis ‘the original definition was that inflation = money supply’ I have two thoughts on this. The first is that just because it was the original definition doesn’t mean it’s a useful definition. The second is that the definition of money has also changed , so maybe it makes sense that the definition of inflation changes? Money used to be gold coins that was tied to a, somewhat anyways, fixed supply of gold. You could debase gold coins by mixing in cheaper forms of metal to produce them and thus make more ‘gold coins’ , while each individual coin is worth less because there’s less gold in them. This is a commodity theory of money , I believe money is more commonly thought of as credit these days.
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