Which is why, when the rich buy up assets (ie land), its inflationary. They are not adding to the pool of assets (supply), they are consuming them. Sure, I understand, land can be "developed" so that it can become useful (eg draining a swamp, building a high-rise instead of single storey) so in effect that is adding to the supply. But as your History teacher pointed out land is still effectively a fixed supply.
It would be nice if govt policy could help create the conditions such that a return on investments in production where more attractive (ie profitable) than buying up a fixed supply of assets. But instead govt policy did effectively the opposite.
Henry George and his LVT (Land Value Tax) comes to mind.