I have no reference but I understand that inflation didn't exist as we understand it until after the industrial revolution and it certainly didn't exist in it's modern form until the twentieth century - a very high minimum rate of production is required. In pre modern societies 220 years could see the collapse of coin producing kingdoms and the golem might actually become cheaper due to "deflation".
My comments weren't about inflation; they were about the time value of money. If you're going to buy a piece of capital equipment
today that performs the work of one man until the end of time, it is
not worth one day's wages times infinity.
Money
today is worth more than money
tomorrow, either because you want to spend the money frivolously now, because you want to spend it not-so-frivolously on durable goods now, or because you want to invest it in something that will return even more money in the future -- not just because of inflation. People are willing to borrow money at 19.8% interest, and they're not willing to lend it at 0% interest, because money
now is worth more than money
later.
If we assume that people discount the future at about 10% per year -- ten gold pieces now are worth eleven gold pieces next year -- then a golem that does the work of one man
forever is worth ten men's yearly wages -- not an infinite amount.
If we assume that people discount the future very little, say, 1% per year, then a golem that does the work of one man is worth 100 men's yearly wages.
To tie this in with
another thread, short-lived, risk-taking human adventurers would discount future gold dramatically. What's a king's ransom to me, if I may die tomorrow? More wine, women, and song! Long-lived, risk-averse elves, cloistered away in their sylvan sanctuaries, on the other hand, would happily invest in the future. An elf society might very well rely on golems and other expensive, long-lasting capital investments. They can expect to see the benefits.