This book analyses the causes and consequences of deflation. In
contrast to the widespread belief that deflation would be harmful
to the economy as a whole, the author argues that free market
deflation is liberating and beneficial. Several myths of deflation
are exposed and the reasons for the widespread deflation phobia
that serves to justify expansionary monetary policy, i.e.,
inflation are investigated. Two historical case studies, the growth
deflation in the US after the Civil War and the bank credit
deflation in Germany during the Great Depression are discussed to
illustrate the points made in the theoretical analysis of
deflation.
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