How would British counterfeiting efforts in the revolutionary war have inflated the American currency?
Upvote:4
You don't have to know, it just happens. Its basic economics. Supply and demand are intersecting diagonal curves, the intersection of which is the market price.
As supply of an item goes up, you shove its diagonal curve higher up the supply axis (to the right in the graph above). That puts the intersection between the two lower on the price axis. In short, increasing the supply of anything causes its market value to drop.
Paper money is a stand-in for general goods, and thus it can be graphed just like any of them with supply and demand curves.
This has nothing to do with perception. Public perception might affect the "demand" curve, but not the supply curve. That one's just simple math.
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