In several countries, allowing for some positive bias in popular inflation measures, zero inflation itself is now close to being the status quo. That is a great accomplishment in its own right. But its full benefits will not be grasped unless we recognize it as a stepping-stone towards something even better.
![Less Then Zero by George Selgin](https://cdn.mises.org/styles/responsive_6_9_650w/s3/static-page/img/Less%20Then%20Zero_bookstore.jpg.webp?itok=FYlKIWfp 650w,https://cdn.mises.org/styles/responsive_6_9_870w/s3/static-page/img/Less%20Then%20Zero_bookstore.jpg.webp?itok=LI4_mCNW 870w,https://cdn.mises.org/styles/responsive_6_9_1090w/s3/static-page/img/Less%20Then%20Zero_bookstore.jpg.webp?itok=0Sds1dGk 1090w,https://cdn.mises.org/styles/responsive_6_9_1310w/s3/static-page/img/Less%20Then%20Zero_bookstore.jpg.webp?itok=kvu4vL6y 1310w,https://cdn.mises.org/styles/responsive_6_9_1530w/s3/static-page/img/Less%20Then%20Zero_bookstore.jpg.webp?itok=s9k1MDYY 1530w)
![](https://cdn.mises.org/styles/responsive_6_9_650w/s3/static-page/img/selgin_george.jpg.webp?itok=1Nu3u5pW 650w,https://cdn.mises.org/styles/responsive_6_9_870w/s3/static-page/img/selgin_george.jpg.webp?itok=RL5JHFp8 870w,https://cdn.mises.org/styles/responsive_6_9_1090w/s3/static-page/img/selgin_george.jpg.webp?itok=y7x2DWc9 1090w,https://cdn.mises.org/styles/responsive_6_9_1310w/s3/static-page/img/selgin_george.jpg.webp?itok=4LekHadh 1310w,https://cdn.mises.org/styles/responsive_6_9_1530w/s3/static-page/img/selgin_george.jpg.webp?itok=UzisEkTb 1530w)
Monetary economist George Selgin agrees with Bob on the flaws with MMT, but then the two continue their debate (started at the Soho Forum) on fractional reserve free banking.
Institute of Economic Affairs, 1997