inflation or price level is the intersection of supply and demand curves
As I understand your claim, you seem to be regarding the entire market as a single monolithic commodity -- a common Keynesian error.
Sure, the prices of discrete commodities fluctuate as their quantities supplied and demanded fluctuate. That's not at all the same thing as devaluation of the currency due to increase in the money supply.
That said, there's a good deal of controversy over the effect of wages (whose price tends to be sticky, preventing "proper" adjustment for supply/demand). Thus, even Austrians think that a moderate level of inflation is good, because it acts as a hidden throttle on the effect of wage increases.
As I understand your claim, you seem to be regarding the entire market as a single monolithic commodity -- a common Keynesian error.
Sure, the prices of discrete commodities fluctuate as their quantities supplied and demanded fluctuate. That's not at all the same thing as devaluation of the currency due to increase in the money supply.
That said, there's a good deal of controversy over the effect of wages (whose price tends to be sticky, preventing "proper" adjustment for supply/demand). Thus, even Austrians think that a moderate level of inflation is good, because it acts as a hidden throttle on the effect of wage increases.