Thousands of years of pre Adam smith history where the concept of macroeconomics did not exist. Obviously a naive implementation of monetary expansion causes price inflation, that doesn’t mean a well implemented monetary expansion does though.
The Law of Supply & Demand is there whether it is recognized or not.
> that doesn’t mean a well implemented monetary expansion does though
Then none of them are well implemented, because all examples of fiat money exhibit endemic inflation. The reason is straightforward - the whole point of a fiat money system is to inflate it.
