How familiar are the lords of Westeros with concepts like inflation? I assume that Littlefinger and the Westerlanders are, but what about the rest of the Seven Kingdoms

Great question!

In a rough-and-ready sense, maybe. Certainly, the lords of Westeros would be familiar with the phenomenon of prices rising, especially in winter or in times of crisis (see “Sworn Sword’). And they’d be familiar with the idea that clipping coins and other forms of forgery are bad because they lower the value of the currency, and they’d probably extend that to the idea that adulterating the coinage by overly engaging in seignorage is bad for the economy.

However, I don’t think they would have a deep theoretical understanding of how inflation works, the relationship between the money supply and demand and economic production, the role that velocity plays in the expression of inflation, etc.