[meyer]

Wouldn't it be something like 8% minus the rate of growth of the GDP?

Ahhh, perhaps that's a better definition as GDP grows through other factors besides population (or at least working population).

[Toddsterpatriot]

Ahhh, perhaps that's a better definition as GDP grows through other factors besides population

Yes. Here is the theory, if GDP grows at 3%, money supply must grow at 3%. If money supply grows more slowly, you get deflation. Too many goods chasing too few dollars. Good for consumers but bad for businesses. Profit squeezes will cause business failure. It's been happening in Japan for the last few years.

If money supply grows faster, the extra money fuels inflation.