If you want to hear a classic take on this (granted from someone who will DL this episode of the podcast but has not listened), the famous North African philosopher Ibn Khaldoun went on at length about this in his ironically named Introduction (al-Muqaddima) re weakening of metals used in coin based currency (the US did this with nickel in nickels in the last 5 years IIRC) and other heuristics he gathered as a vizier for many Arab kings of weak and sickly states. He watched this pattern often in his day job as royal adviser.

It's not a light read but a solid look from one guy who believed in the cyclical nature of order and society.