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I should have said "mild deflation": http://www.cato.org/pubs/policy_report/v21n3/cpr-21n3.html http://www.cato.org/pubs/policy_report/v21n3/cpr-21n3.html

• philwelch 17y ago
  Mild deflation is better than runaway deflation just as mild inflation is better than runaway inflation. But it seems that mild inflation is actually better than mild deflation. I'm not impressed by think tanks: they come up with the conclusion first and the reasoning second.