Inflation

  Inflation is more money chasing after fewer goods. Not more people chasing after fewer goods. The number of people can decline, but so long as there is more money than there are goods, the price for goods will increase.

  The number of goods can increase 10 fold compared to population growth, but if the money supply increases 20 fold, then there is inflation.

  Its not a question of scarcity per person. Its a question of scarcity per money. As a result, people own more cars and consumer products than their parents did during the same age. But the price of those goods have also increased considerably because of the money supply not because of production per capita.