Ramesh Ponnuru writing in National Review Online: “A dissenter from this view is George Selgin, an economist who teaches at the University of Georgia’s Terry College of Business. Selgin challenges the view, commonly held on the right and in the center, that government should guarantee price stability. When productivity is increasing, he argues, prices should fall. Deflation based on productivity increases need not have the harmful economic effects associated with deflation based on a collapse in the money supply or of consumer spending.”
