The LAW that you specifically mentioned is strictly ECONOMICS! Imagination has absolutely ZERO part in that.
ECONOMIC demand requires money. No money--no demand. More money = more demand.
WANTING to own a product is NOT demand. That is merely wishful thinking and plays no part AT ALL in the law of supply and demand.
Sheesh. I'm not even an economist and I can understand something as basic and simple as this.
>>WANTING to own a product is NOT demand.>>
Wanting and Demand are not the same? “I demand you give me that because I don’t want it.”
Economics generally hates this situation — where demand and consumption are not the same thing. Economics fundamentally objects to scarcity of any kind. In their world, there is always enough of something.
Regardless, the price of things is determined by the imagination of counterparties. A seller can declare his price, but if no one buys, that is not the price. A seller can also declare a price when he has no product on the shelf. That won’t be the price then, either, regardless of money supply.
The point was no one knows what induces inflation. It is caused by counterparties having imaginations that align, but that says nothing about what induces the imaginations.