Steve Keen correctly asserts that confusing money stocks with flows ….is mistaken.  What he misses however, is twofold:

1) the ADDITIONAL costs over and above total financial costs distributed that contribute to creeping cost inflation on the lower end of price, and

2) the utterly unethical domination of every other business model and of probably 97-98% of the general populace by the business model of finance who will not countenance any competition to their monopoly control of the monetary distribution paradigm, namely loan only and so the flow of such additional costs cannot be paid except via a loan which of course adds cost to the already inherently disequilibrated system.

3)  the fact that, even if it doesn’t collapse or appear to be doing so, as the economy trundles along fitfully for long periods of time, that entire time it is unethical in the deepest and most important way possible because it makes probably upward of 95% the individuals in it….serve that system instead of it serving them.

Austrians in their saying, “There ain’t no free lunch!” are correct in their assessment, but they also miss the destabilizing additional flow of costs as per above and so their “solution” of deflation ends up being an inverted  moralistic mistake and mereness of economic philosophy that compounds the pain and stress of an already onerous system whose only valid economic resolution is monetary Gifting to address All (not just the excess costs) elements of the real time gap between total costs/prices and total individual incomes moment to moment and actually available to liquidate such costs.