The Von Mises Institute doesn’t think so. Mark Brandly observes
a hamburger that cost 60Â¢ in 1959 would have cost $4 in 2005. If the money supply had been fixed, however, that hamburger would only cost 12Â¢ today. Similarly, a $20,000 car in 2005 would have cost slightly less than $3,000 in 1959. Again, without the monetary effect on prices, that car would only cost $600 today. The price of a $45,000 house in 1959 would have increased to $300,000 in 2005. With a fixed money supply, that house would cost $9,000 today.