Mere inflation-that is, the mere issuance of more money, with the consequence of higher wages and prices-may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not.
The old interests of aristocracy - the romance of action, the exalted passions of chivalry and war - faded into the background, and their place was taken by the refined and intimate pursuits of peace and civilization.