We could compound the threads dealing with this issue into a fairly big number!Ok... I had to sign up just to comment.
If we take your “theory” and plug some simple numbers into it this is what we get:
You have said centuries, so let’s say 200 years.
You have said it doubles every 7-10 so let’s take the worst case of 10.
let’s even plug in an overgenerous average house price of $1M today.
To get to $1M today it would have had to start at less than $1 200 years ago.
Maybe you should do your research and you will see that the "theory" only really holds true if you start your data from around 1970. The further you go back the less it works as pre 1970 there was very little inflation.
It completely breaks if you run data from 1800 – 1900.
Nothing compounds forever, why is that surprising?
I have posted before about the subdivisions in areas I have researched in Brisbane from the 1850's and 1860's selling for 1 pound per acre, which translates very roughly into your 7-10 yr doubles with modern land sales in the same areas, so the 1970's assertion is a little flaky, but the compound point is .. well math.