I don't understand your point. You seem to be saying that deflation is bad because if it happens, people will find that they can't buy goods at the price they

I don't understand your point. You seem to be saying that deflation is bad because if it happens, people will find that they can't buy goods at the price they expect. But that's the definition of inflation. So deflation is bad because it's actually inflation? Or maybe you're saying that any period of deflation will inevitably be followed by a period of inflation, as production collapses due to the deflation? And you also think that people (other than you) won't realize that, and so behave as if the deflation is permanent, causing the problem? It seems to me that as long as the deflation is less than the natural real interest rate (so nominal interest rates are still positive) there is no problem of this sort. It's no more a worry than thinking that anyone with a bit of money in the bank will decide to just live off the interest rather than work. There are such people, but most working-age people either don't have enough money for that, or want to work anyway. The usual argument against deflation involves supposedly "sticky" wages that don't adjust downwards fast enough. Maybe that's the case, but it depends on particular social factors (eg, embarrassment at getting a pay cut).