Milton Friedman said: “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”

OK, Milton, but let’s be more specific, because ‘money’ is a far too generic term. How about some detail and home thruths:?

Inflation is always and everywhere land price escalation, together with taxes on labour and capital passed on into prices; and, to the extent land rent is not captured publicly, wage increases & cash benefits are absorbed into higher land prices.

The reverse is true, of course: If we were tax land prices significantly, we may have higher wages and earned profits – without inflation!