In this sense, it depends on perspective.
If what is being inflated is the dollar, sure CPC's will go up. If valued in gold, CPCs have probably gone down year by year.
From the other side: If there's a deflation in buyers (and probably an inflation of ad inventory over time), CPCs should drop like a rock.
The reality of our situation is that we've already survived one tech bubble and our numbers today are a factor of what they were then. This probably won't change for another 20 years or so ... at which point AM will def. implode in a sense it won't be stupid profitable anymore.
Bottom line: We, as an industry, can survive a few more tech bubbles without any dire consequences in the way we do business. The economy won't have as much luck so it's all a moo point (hxxp://youtu.be/iObtPBh3NXs) As individuals we'll be reactionary to timely events and our instincts will decide whether we survive or switch careers to trash management.