"Behavior econometrics shows us that in some areas, our economic behavior is not what rationality would suggest. ... we expect upward movement of wages, and won

"Behavior econometrics shows us that in some areas, our economic behavior is not what rationality would suggest. ... we expect upward movement of wages, and won't tolerate nominal decreases, even when buying power is increasing so that real wages are increasing." I won't dispute that some effect along these lines might have been measured. But please realize this is a reaction (irrational or not) to the state of affairs at the time the reaction had. In a deflationary environment, the reaction may well be quite different. And in fact, I expect it would. What you've identified is a reaction to inflation-- that is, people knowing they need to keep getting more money to keep even-- that isn't irrational at all. But it doesn't justify inflation, or show that inflation is good. In a deflationary environment, I'm pretty sure this effect would not be there.