The Steem inflation is not the same kind of inflation as with fiat currency. In practice it is dilution or redistribution of wealth from those who work to those who don't. It's not simple, but there is a great post about it by @hisnameisolllie.
RE: How can Steem Continue to Succeed? - A Story by Charlie Shrem
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How can Steem Continue to Succeed? - A Story by Charlie Shrem