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uh, yes, that's true and I addressed both. If the economy is growing (that means more productive work is being done), and the money supply remains fixed, then each and every dollar represents a larger and larger amount of labor. This is deflation: the value of the dollar grows. To avoid deflation, the money supply needs to grow to match the growth of the economy. Under a Gold Standard system, the US would then have to acquire more gold to back any additional money put into the money supply.
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