Obviously the community is not capable to manage its own economy with the tools available.
I would argue, rather, that it is doing exactly what stakeholders want and have voted for. That it isn't want you want have wanted doesn't make it a failure, it just means you were outvoted.
Blockchain tech was supposed to take the ability for the community to print money away from it and put it into programmatic code. Which Hive has failed to do.
That's false. Hive inflation is fully programmatic, but programmatic doesn't mean fixed or even necessarily low. It's dependent on price trajectory along with the supply of HBD, and this has always been the case going back to the first release of STEEM. It's not a fixed supply like Bitcoin nor fixed inflation like DOGE, but that gets back to knowing what you own. (In fact, it used to be more variable, but some guardrails were added, especially the haircut rule.)
Hive also differs in that governance allows the community to change the rules pretty easily. That works both ways though, it can be made better (from one observer's perspective at least) as well as worse. Again, caveat emptor. If you want hard money with immutable (or at least harder to change) rules, Hive is a bad fit.
RE: How to Reduce Hive's Inflation Problem - Our New DHF Proposal Voting Criteria, HBD APR, and a Proposed Value Plan S.O.P