The mineshaft example isn't silly. He makes his point about deflation while also getting a jab in at those arguing for a return to the gold standard. People spe

The mineshaft example isn't silly. He makes his point about deflation while also getting a jab in at those arguing for a return to the gold standard. People spend a lot of time digging gold out of the ground and no-one blinks an eye. Keynes proved his point, and made the sort of people who would join the Austrian school today look like idiots in the process.