Miner reward = 0.01√difficulty

[Cinon]

The miners also benefit from the current cap, because the reward is more valueble than what it would have been if there were a flexible cap. What would you chose? 100 bitcoins @ $10/BTC   OR say 12 bitcoins at $800/BTC  < Just a simple example >

Miners would sell all the bitcoins before increasing the production, so your point is invalid. We won't tell you until it's too late 

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[-ck]

Not sure why this ended up in mining, this is an idea to redesign the bitcoin protocol with a massive hard fork. It's not really about mining at all. There's a lot misunderstood about the impact of such a change that can only be negative as others have mentioned already.