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Good Deflation

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George Selgin’s 1997 monograph (published by the IEA of London) Less Than Zero: The Case for a Falling Price Level in a Growing Economy is now available on-line [2].  What great news!

With confusion about money, banking, and monetary policy running rampant these days, George’s clear and compelling argument for “the productivity norm” makes plain that deflation caused by productivity increases is to be celebrated.