JackTheMimic on Nostr: It seems to me that neither cause any behavior. No matter how the money supply ...

It seems to me that neither cause any behavior. No matter how the money supply changes human action is driven by subjective value. If your value system values the token of value more than the stuff you can trade it for, you hoard. The problem with inflation is the fraud (specifically of the hidden Fed ledger), and the inefficiency of holding value over time. Deflation creates other incentives but hoarding is still illogical when you can utilize monetary energy to create subjective value in your life. Hoarding a deflationary money only seems logical because the rational actor would look at the stockpile and say "I could do so much with that." The Hoarder never has that thought no matter what the money supply is.