>If there is a technological revolution like in the period quoted above, then prices may fall due to things like efficient production. But is that really deflat

>If there is a technological revolution like in the period quoted above, then prices may fall due to things like efficient production. But is that really deflationary? No. Mises.org is Austrian economics, so I don't expect them to agree with anything Milton Friedman ever said, but his "Inflation is always and everywhere a monetary phenomenon" necessarily also applies to deflation. Prices decreasing due to technology is great. Prices decreasing due to a shrinking money supply is bad for lots of reasons, and when the U.S. went back to the gold standard after the Civil War and cut the money supply in half, the result was the Panic of 1873, when the word "bum" was invented to describe Civil War veterans begging in the streets. I'm not saying the Austrians don't have any good ideas, but they are considered fringe for a reason.