I believe that during the recent disinflationary period, inflation declined not despite strong growth but largely because of it. Other things equal, more Q means a lower P . It seems to me that both are valid. Surely we can all agree on that. Those who ignore Q 's denominator status probably assume that it has no life of its own.
Output responds passively to demand.
I'm not so sure about that. Seems to me that such things should give the supply side some life of its own. Of course, as Dennis Miller says, that's just my opinion. I could be wrong. It's something to think about.