Mises Wire
Author:
Paul F. Cwik
Online Publish Date:
Lionel Robbins writes concerning deflation (”Consumption and the Trade Cycle,” Economica , Volume 12, [35-38], November 1932, pp. 418):”the belief that there is nothing detrimental to the smooth working of the economic machinery in the changes which result in a consumers’ goods price index falling with increased productivity, is not the esoteric