I don’t think that’s a complete explanation of inflation. Prices sort of get bidden up. So say everyone wants a car now, but there aren’t yet enough of them to go around. Someone will pay more because they value it more, and the seller will always sell to the higher paying customer.

I do think an abundance economy is possible, with everyone working just enough and a more reasonable allocation of the money. In that scenario we need more automation, because a lot of essential (tough, time consuming, underpaid) jobs are done now by people. The ownership of these robots would have to be spread out to everyone. I do think then everyone could be rich, in the sense of having a nice house, household help, food and clothes and fresh water, transportation. As long as society shares in these benefits it will work, yes.

What do you mean about Monaco? Are there no underpaid housekeepers and nannies and other workers there?