RE: What Would Happen if Everyone Were Given 1 Million Dollars?
The problem with the "increase money supply = increase inflation" argument is that it isn't actually reflected by reality. It's a too simplistic an analysis. There's a lot of factors that go into inflation. I've got no doubt that if we gave everyone $1million that inflation would go up. But this idea that if we increase money supply by X% we necessarily increase inflation by X% is wrong.
Regarding the zero sum fallacy, you are right when it comes to unit-less "wealth". But as soon as you start using dollars to measure (and transact) wealth, it does become more or less a zero sum game. The reason is that essentially all economic growth in the system is actually new money created as debt. So for person A to increase their wealth by 1 million, there needs to either be 1 million new dollars in circulation, or someone else has to lose 1 million dollars.
The DEFINITION of inflation is increase in money supply.
No it's not. It might be in primary school, but in the real world it's far more complex than that.
Inflation is increase in money supply, by definition. This is a fact. Not arguable. Definitions apply from kindergarten to PhD.
Again, no it's not. First sentence from Investopedia for "Inflation":
Inflation is an increase in money supply. This can manifest itself in many ways. Right now life itself is unaffordable in the US after ben shalom bernanke and janet yellen have printed trillions of dollars out of thin air and bailed out criminals. They are the biggest counterfeiters in history and should be apprehended immediately as Enemies of the State for destroying our currency and our economy. Real estate is a bubble, stock market, bubble, cost of living, bubble. All of this was caused by an inflating money supply. Don't read keynes and act like you understand economics. keynes himself did not understand economics and neither does paul krugman. keynes was a mentally sick pervert who vacationed in Tunisia to buy boys, he was a proponent of inflation to steal from the masses in an undetected manner. https://wiki.mises.org/wiki/Inflation
"Inflation is an increase in money supply."
For the third time, no, it's not. It's an increase in prices. And now that you are going on about Joos and Pedo's, you can safely be ignored.
Oh, you didn't click the link, did you? That's right, just ignore the facts.... you do realize inflate means to increase in size, as in increase the money supply. Learn to think or yourself, you've been lied to... Also, where did you get joos and pedos from? wtf are you talking about?
I really didn't want to get into the details of inflation even I had in mind what you suggested. The post would be extremely long. I agree. I merely wanted to make a point that not much would change if everyone was given one million dollars aka "if everyone was ending up being a millionaire".
When it comes to the zero sum fallacy because forget the gap of wealth. Sure everyone is getting wealthier but what matters is the difference between the peers — and as we all know millionaires and billionaires are increasing while the poor and middle class are merging together.