“When 150,000 people show up on the beach front property on Monday, instead of the usual 2, do you seriously maintain that the price of the property would be unchanged?”
Increased cost of some desirable things would occur briefly in the climate you describe. This is temporary. It is different than systemic inflation, which is not caused by windfalls. The powerball winners do not cause inflation.
“Increased cost of some desirable things would occur” —Good, you now agree that inflation can come from the printing press.
“briefly in the climate you describe.” Define briefly. Eventually, the effects of printing press inflation are “wrung from the system” as Friedman said.
“This is temporary.” Yes, it is temporary. Unless the printing presses do not stop, of course.
“It is different than systemic inflation, which is not caused by windfalls.” — What causes this systemic inflation? Sowell says ONLY the printing press can. How does across the board inflation occur WITHOUT an increase in the supply of cash? How do suppliers across the board demand and receive more cash if there is not more cash? How does that happen? If they demand, and do not receive, of course the price will drop.
“The powerball winners do not cause inflation.” Well, duh! Winning the lottery is nothing more than a VOLUNTARY REDISTRIBUTION of cash—it changes the money supply but not even one billionth of a penny. Of course it does not cause inflation, just as when I transfer my cash money to my daughter for her allowance does not cause inflation.