If people choose a hard money, with a high stock‐to‐flow ratio, as a store of value, their purchasing of it to store it would increase demand for it, causing a rise in its price, which would incentivize its producers to make more of it. But because the flow is small compared to the existing supply, even a large increase in the new production is unlikely to depress the price significantly. On the other hand, if people chose to store their wealth in an easy money, with a low stock‐to‐flow ratio, it would be trivial for the producers of this good to create very large quantities of it that depress
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