Mises Daily
Author:
Robert Higgs
Online Publish Date:
As he tells the story, deflation brings on all the horrors in the catalog of economic devastation. As prices decline, businesses sell less, then go out of Economy, 1865–1914 (New York: Wiley, 1971), on p. 21: “Notably, rapid economic growth occurred both before and after 1897; neither a falling nor a rising general