ELI5 Inflation - why do we need it and why the gold standard was abandoned?

Why are too little inflation as well as too much inflation both bad? What is the gold standard? Why did almost all countries abandon it in the 20th century?

... We explain like i'm five!

Thank you to the r/explainlikeimfive community as always and in particular the following users whose questions and comments formed the basis of this discussion: yellowjacketcoder, bruceleefuckyeah, gradenko_2000, fencerman, silent-ambition1399, workingatbeingbetter & obamanibblesnomaam

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