totally respect you Darren and you're much more familiar with the codebase than me but...eeek
Iirc it was removed, I was checking up on what effects total emission a while ago and I'm fairly sure it was written out and only unallocated budget could effect total emission now. Hope I'm wrong about that because I've long felt our unfixed (but limited) total emission could be an ace up our sleeve, that it could allow us some wiggle room for an actual economic policy where others are hamstrung by set-in-stone emissions leaving them totally at the mercy of markets.
I was totally wrong on the negative feedback thing above, increasing the emission with increasing hashrate would cause serious problems, it would amplify the effect (price to hashrate) and the delay between price change and hashrate change would cause potentially explosive hysteresis.
The opposite would be beneficial to some degree, reducing emission as hashrate increases (and vis versa ofc), it would reduce noise as a price oracle and could also help reduce lag but it would have exactly the wrong effect on value stability, reduce the emission as prices rise when increased emission to counter the rise is needed.
It could still serve as an oracle for that though and that would allow emission to be increased elsewhere and that could be really powerful if targeted at actual usage, people spending Dash. Crypto spending increases during rising prices and cashback could potentially be used as a tool to both increase emission to counter price spikes and amplify that increased spending effect.