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Selgin on Bad and Good Deflation

Posted By Don Boudreaux On June 11, 2013 @ 9:27 pm In Growth,Monetary Policy,State of Macro,Video | Comments Disabled

A few weeks ago at the Adam Smith Institute [1] in the U.K., George Selgin discussed deflation – bad deflation, yes (think, for example, of the Great Contraction as identified by Friedman & Schwartz [2]and good deflation (that is, deflation caused by productivity growth [3]).  The important distinction that George emphasizes is, sadly, lost on most modern economists – a failure of economists that causes all manner of misinterpretation of the historical record and, hence, also promotes misinterpretation of current phenomena.  (Corrected – thanks to Reuvain Borchardt – to rid the earlier version of a typo.)

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[1] Adam Smith Institute: http://www.adamsmith.org/

[2] Great Contraction as identified by Friedman & Schwartz: http://www.amazon.com/The-Great-Contraction-1929-1933-Princeton/dp/0691137943

[3] deflation caused by productivity growth: http://www.iea.org.uk/publications/research/less-zero

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