But there are very real problems associated with deflation, namely that deflation discourages most forms of investment: why by a house, since it will be cheaper

But there are very real problems associated with deflation, namely that deflation discourages most forms of investment: why by a house, since it will be cheaper next year? Why build a factory, when the goods will be worth less next year? I suppose falling wages would offset some of it, but it is still problematic.