The Price Paradox
Apostles of monetary expansion continue to believe that avoiding deflation is simply a matter of speeding up the printing press. But why should this be any more successful in the future than it has been in the last few years?
Apostles of monetary expansion continue to believe that avoiding deflation is simply a matter of speeding up the printing press. But why should this be any more successful in the future than it has been in the last few years?
LONDON – In 1923, John Maynard Keynes addressed a fundamental economic question that remains valid today. “[I]nflation is unjust and deflation is inexpedient," he wrote. “Of the two perhaps deflation is…the worse; because it is worse…to provoke unemployment than to disappoint the rentier. But it is not necessary that we should weigh one evil against the other."